Turris snapped up by Midlands-based Mattioli Woods
Deal creates bigger Glasgow money manager
Glasgow-based wealth manager and financial planning firm Turris Partnership has been acquired in a deal worth up to £1.6 million.
The deal will see Leicester-based Mattioli Woods pay half the sum up front, with the remainder subject to Turris hitting certain performance targets.
Turris, established in 2003 by Brian Steeples, now has £65 million in assets and has five staff who will join Mattioli Woods.
It generated pretax profit of £150,000 on revenues of £450,000 in the year 30 September.
Mattioli Woods already has offices in Glasgow, Edinburgh and Aberdeen. Chief executive Ian Mattioli said it was an important acquisition for the firm.
“We have been looking to expand our operations in Scotland and opportunities to acquire such a well-respected business don’t come along every day,” he said.
Mr Steeples said that Mattioli and Turris’s similar culture would benefit clients.
“‘The additional resources and support available as part of Mattioli Woods will benefit clients and staff and we very much look forward to this exciting new phase,” he added.