Wealth and asset management specialist Mattioli Woods has taken a 50.1 per cent stake in Lincoln-based White Mortgages – with a two-year option to buy the remaining stake.
Leicester-headquartered Mattioli Woods has put £425,000 into the deal with director Steven White. Under the arrangement it also has 24 months to exercise an option to pay £2.625 million for the rest of the business, depending on the mortgage company hitting set targets over the coming year.
White Mortgages was founded in 2011 and provides independent mortgage advice. It has nine staff, comprising four advisers and five administrative staff, who will all stay with Mattioli Woods following completion.
