Mattioli Woods has also entered into an option agreement that entitles it to acquire the remaining 49.9% of White Mortgages, with the total consideration payable on exercise of the option dependant on the attainment of specified targets in the 12 months prior to the exercise date.
Founded in 2011, White Mortgages specialises in providing independent mortgage advice, whilst also offering bespoke protection advice. Based in Lincoln, White Mortgages employs an experienced team of nine staff, comprising four advisers and five administrative staff, all of whom will remain with Mattioli Woods following completion.
In the year ended 31 March 2022, White Mortgages generated revenues of £0.51 million with a profit before taxation of £0.22 million. The acquisition is expected to be earnings enhancing in the first full year of ownership.
On completion of the acquisition, Michael Wright, Group Managing Director of Mattioli Woods commented:
“Our investment in White Mortgages is an exciting extension to our existing client proposition and is another step forward for Mattioli Woods as we continue to expand our operations. Over the past six-months we have seen significant changes in the economy, none more so than immediately after the mini-budget last September and the impact it had on the mortgage market, with a leap in mortgage interest rates, the withdrawal of many mortgage products and a rapid tightening in lenders’ underwriting criteria. By bringing Steve and his team into the Group, we are better positioned to help those clients looking to finance a new property purchase or re-finance existing lending.”
Steve White, Director of White Mortgages, added:
“We are very excited to partner with a like-minded management team with high growth ambitions. The sale will help accelerate our growth plan by broadening our proposition with the support of Mattioli Woods. We will continue to place integrity; reliability and a commitment to excellence at the heart of our business.”
The full RNS release can be found here.
