Pensions consultant seeks AIM listing

Mattioli Woods is seeking a listing on the Alternative Investment Market by the end of November to raise cash for acquiring other advisory businesses and setting itself up to take advantage of greater client interest in pensions following A-Day.

The firm has put out a pathfinder prospectus and is currently doing the rounds of institutional investors, who may seek to acquire stakes through a placing.

The floatation aims to raise £6m gross, giving the business a market capitalisation value of between £17m-£22m.

Currently headquartered in Leicester, although offering national access through a network of intermediary contacts, the firm employs a staff of 76, including 12 pensions consultants.

It has some 600 Sipp clients with an average fund size of £342,000, and some 500 corporate Ssas clients with average funds of £730,000.

Turnover in the year to 31 May this year was £6.4m with operating profit of £1.9m.

Dealing in the shares are expected to start by the end of November.