Wealth manager and SIPP provider Mattioli Woods has pushed back a major deal to takeover £1.6bn AUM Ludlow Wealth Management.

Mattioli issued a Stock Exchange announcement today saying the deal had been delayed for a month.

In May Mattioli revealed it was taking over Ludlow’s parent company. This deal was due to go through yesterday (31 August) but has now been pushed back to 30 September.

No specific reason has been given for the delay but Mattioli Woods said extra time was needed to “facilitate completion of the acquisition.”

The FCA gave its approval to the takeover by Mattioli of Ludlow parent LWMG Topco Limited this week.

Back in May Mattioli Woods, headed by founder Ian Mattioli, announced it would acquire two firms in a £110m deal: private equity firm and alternative asset manager Maven Capital Partners UK LLP and the parent company of Southport-based Financial Planner and wealth manager Ludlow Wealth Management.

Mattioli said it was funding the deals through a stock market share offer.

Ludlow was launched in 1993 and has itself acquired several firms in recent years. It is one of the larger Financial Planning firms in the North West and operates from 5 locations, Fylde, Preston, Burnley, Liverpool and Southport. It has more than 60 staff and manages assets totalling over £1.6bn.

Once completed, Mattioli says the takeover of Ludlow will add advisory capacity via Ludlow’s team of 22 advisers.