Specialist wealth and asset management business Mattioli Woods has announced its subsidiary Ludlow Wealth Management has acquired Opus for an initial £0.71m ($880,400).

There is a potential further consideration of up to £0.71m depending on specific performance targets in the year after completion.

Opus is based in Blackpool and provides financial planning and wealth management to around 100 private client families with approximately £53m of assets under advice.

Furthermore, in the year ended 30 April 2023, Opus generated revenues of £0.37m with a profit before tax of £0.14m.

In addition, at 30 April 2023, the firm has net assets of £100,000.

Michael Wright, deputy chief executive Officer of Mattioli Woods, said: “We’re delighted to welcome Opus Wealth Management to the Mattioli Woods Group, as part of the Ludlow business. We’ve highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth. This transaction marks another step towards our strategic goals.”

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Ian Hemingway, chief executive officer of Ludlow, added: “Opus is a business we know well. I expect our familiarity with the Opus team and our shared approach to looking after clients to facilitate a smooth integration over the next few months. This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area.”

In 2019, Mattioli Woods acquired 100% of the share capital of Iver-based financial planning and wealth management firm Richings Financial Management.

The initial consideration for the deal was £0.9m, with potential further consideration of up to £0.9m if the firm meets specific performance targets in two years after closing.

Founded in 1991, Richings manages nearly £70m assets under advice on behalf of its 270 private client families.