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

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

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

Following completion of the transaction, Richings’s team of four employees will join Mattioli Woods.

Richings director Clive Ridge said: “I believe that with Mattioli Woods’ more comprehensive infrastructure and larger support team behind us, Richings’ clients and employees will benefit from the considerable additional resources and support now available as part of the Mattioli Woods group, enabling our team to enhance and expand the personal service our clients expect from us, while continuing to put them at the forefront of our advice. “

Commenting on the deal, Mattioli Woods CEO Ian Mattioli said: “Clive Ridge shares the Mattioli Woods philosophy of putting clients’ best interests at the forefront of his advice.

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“The families looked after by Richings will benefit from the range of products and services offered by Mattioli Woods and we look forward to working with Clive and his experienced team in ensuring high standards are maintained and built upon in the South East.”

Last month, Mattioli Woods completed its deal to acquire Maven Capital Partners.

It also acquired Edinburgh-based wealth manager Caledonia Asset Management, Montagu and Leicester-based Pole Arnold Financial Management earlier this year.