Mattioli Woods, the specialist wealth and asset management business, has acquired 50.1% of the issued share capital of White Mortgages Limited in a £425,000 deal.
The Leicester-based company has also entered into an option agreement with directors Steven White, Mark Sutton, and Robert White which entitles Mattioli Woods to acquire the remaining 49.9% of the firm, which would increase the deal value up to £2.625 million.
Founded in 2011, Lincoln-based White Mortgages specialises in providing independent mortgage advice, whilst also offering bespoke protection advice, and employs nine staff, all of whom will remain with Mattioli Woods following completion.
In the year ended 31 March 2023, White Mortgages generated revenues of £680,000 with a profit before taxation of £350,000.
Michael Wright, Group Managing Director of Mattioli Woods, said: “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 Government’s 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.”
Steven 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.”
