Wealth management firm Mattioli Woods, which has offices in Glasgow, Edinburgh and Aberdeen, will obtain the company’s £65m of assets under advice for clients.

The Turris Partnership generated revenues of £450,000 and its profit before tax reached £150,000 for the year ended 30 September. As at the same date, its net assets stood at £200,000.

The team of five staff based at the Glasgow branch will be retained by Mattioli Woods.

Under the deal, an initial £800,000 will be paid to Turris’s shareholders with a further £800,000 payable in cash depending on financial targets being met.

Payment of the initial cash consideration, deal costs and estimated net asset adjustment resulted in a cash outflow at completion for Mattioli Woods of £0.85m.

Commenting on the acquisition, Ian Mattioli, chief executive officer of Mattioli Woods, said: “We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit. We are very pleased that Brian and his team are joining Mattioli Woods. It is an important acquisition for us, as we have been looking to expand our operations in Scotland and opportunities to acquire such a well-respected business don’t come along every day.”

Brian Steeples, Turris’ managing director, added: “We are really pleased to be part of the Mattioli Woods Group; one of the UK’s top financial services companies. Our clients and staff will continue to benefit from our strong ethos and culture of putting the clients’ interests at the heart of everything we do.

“These values are an embedded part of both Turris’ and Mattioli Woods’ operations and are a key reason why this deal is such a good fit. The additional resources and support available as part of Mattioli Woods will benefit clients and staff and we very much look forward to this exciting new phase”.