FSP advises on sale of financial planning and wealth management company to listed plc
An FSP team led by corporate partner Philip Stephenson has advised the owners of Richings Financial Management Ltd (“Richings”) on the sale of the company to AIM listed, specialist wealth and asset management services provider Mattioli Woods plc for an undisclosed sum but including potential further consideration dependent on the attainment of specified performance targets in the two years after completion.
Founded in 1991, Richings is an established financial planning and wealth management business, working with over 270 private client families with approximately £70 million of assets under advice. Richings is based in Iver, Buckinghamshire and employs an experienced team of four staff, all of whom will remain with Mattioli Woods following completion.
Clive Ridge, founder of Richings, said: “The increasing regulatory burden and resources required to successfully run an independent financial advisory business led us to explore the options available to ensure the long-term continuity of the quality advisory service we offer our clients.
“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. We are very much looking forward to this exciting new phase.
I also want to thank Philip and the rest of the FSP team who have delivered a great result for us. They have extensive experience of transactions in the FCA regulated space and their service was highly responsive and provided wise counsel throughout. We would not hesitate to recommend Philip and FSP if asked.”
The team at FSP was led by corporate partner Philip Stephenson with assistance from Ian Wood-Smith (partner, corporate) and David Clay (associate, employment).