Ludlow Wealth Management, a subsidiary of wealth manager and SIPP provider Mattioli Woods, has acquired Blackpool-based Opus Wealth Management Limited in a deal potentially worth more than £1.4m.

Southport-based Ludlow will pay £0.71m initially and a further £0.71m if performance targets are reached a year after completion of the acquisition.

The total deal is worth £1.42m if targets are met.

Opus provides Financial Planning and wealth management services to 100 private client families with approximately £53 million of assets under advice.

In the year ended 30 April, Opus earned revenues of £0.37m with a pre-tax profit of £0.14m.  As at 30 April, Opus had net assets of £0.10 million.

Ludlow has expanded steadily in recent times. Last year it acquired £80m AUM Glasgow Financial Planner Ferguson Financial Management in a deal worth up to £1.2m.

Michael Wright, deputy chief executive of Mattioli Woods, said: "We're delighted to welcome Opus Wealth Management to the Mattioli Woods Group, as part of the Ludlow business. We've highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth. This transaction marks another step towards our strategic goals."

Ian Hemingway, chief executive Officer of Ludlow, said: "Opus is a business we know well. I expect our familiarity with the Opus team and our shared approach to looking after clients to facilitate a smooth integration over the next few months. This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area."