Mattioli Woods PLC - wealth manager - Buys Exempt Property Unit Trust administration business of BDO Northern Ireland for a nominal initial consideration, in addition to a capped deferred consideration representing 50% of the business's pretax profit for the 30 months following completion.
The business provides trustee and administration services to over 100 exempt property unit trusts with total funds under trusteeship of over GBP233 million.
Mattioli Woods has also acquired Callender Street Nominees Ltd from Aqua Trust Company Ltd in Jersey as part of the transaction.
"EPUTs are complementary to Mattioli Woods' core SSAS and SIPP proposition, widely used in Northern Ireland and the acquisition expands Mattioli Woods' operations in the region. The EPUT business's experienced team of three employees will join Mattioli Woods and operate from the group's existing office in Belfast," company says.
Current stock price: 742.50 pence
Year-to-date change: down 2.3%
By Lucy Heming;Â lucyheming@alliancenews.com
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Mattioli Woods (MTW)