Mattioli Woods, the pensions consultancy and wealth management business, has acquired Thoroughbred Wealth Management and its subsidiary Atkinson Bolton Consulting in a deal worth close to £6 million ($9.2 million).

The total consideration of £5.99 million includes an initial consideration of £3.24 million, comprising £0.375 million in cash and 946,256 new shares of £0.01 each in Mattioli Woods, the firm said in a statement.

The deal also includes a contingent deferred consideration of up to £2.75 million, payable in cash over four years, subject to certain earnings targets being met.

Atkinson employs 50 staff providing advice to both high net worth individuals and companies on all aspects of financial planning. The firm also offers a full discretionary management service and operates its own open-ended investment company, The IM Thoroughbred Funds ICVC.

Mattioli said Atkinson's management team will be retained following the acquisition.

"The deal enhances the firm's existing employee benefits proposition at a time when the introduction of the National Employment Savings Trust and auto-enrolment present clear opportunities," Mattioli said.

"In addition, the acquisition offers the enlarged group the opportunity to extend the provision of SIPPs to a wider audience and adds further specialist wealth management expertise to Mattioli Woods' existing operations," the firm added.

In the year ended 31 December 2012, Thoroughbred Wealth Management generated a profit after taxation and before shareholders' dividends of £0.61 million on revenues of £2.88 million. At 31 December 2012, the firm's consolidated net assets were £1.77 million (including net assets of Atkinson Bolton Consulting of £0.98 million).