British wealth manager Mattioli Woods has purchased the pension administration business of Lindley Group for £199,001.

The acquisition includes the pension administration business of Lindley Group and 100% of the share capital of Lindley Trustees Limited.

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Set up in 1979, Lindley Group’s pension business provides trustee and administration services to over 130 small self-administered pension (SSAS) schemes, with assets under administration of about £116m. It has generated revenues of £310,323 for the year ended 31 December 2014.

The transaction is intended to be earnings enhancing in the first full year of ownership, following the realisation of synergies and other benefits from combining the activities of the Pension Business with those of Mattioli Woods.

Mattioli Woods CEO Ian Mattioli said: "This acquisition extends the existing relationships we have with intermediaries like the Lindley Group, where Mattioli Woods has proven to be a sound strategic partner with the expertise, scale and systems to give the very best SIPP and SSAS administration, delivering an enhanced service and long-term security for clients.

"With increasing complexity and continuing consolidation in both the SIPP and SSAS sectors, we anticipate there will be further opportunities to expand Mattioli Woods’ pension administration business by acquisition, accelerating the Group’s growth."

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The deal will be funded from the Group’s existing cash resources and results in a cash outflow on completion of approximately 230,000 pounds, including deal costs.