Financial planning business acquired for £4m
Wealth and investment management group, Kingswood Holdings, has completed its acquisition of Admiral Wealth Management Ltd, a chartered financial planning firm based in North East Lincolnshire.
Admiral provides independent financial advice to individuals and corporates primarily in Lincolnshire and Yorkshire.
It currently employs seven people, including two advisers managing about £100m worth of assets under administration on behalf of roughly 600 active clients.
Admiral will be acquired for a cash consideration of £4m, payable over a two-year period. £2m will be paid now the acquisition is complete and the balance will be paid on a deferred basis.
The cash will be paid from funds received by Kingswood in December 2020 from the issue of convertible preference shares, under the terms of its Convertible Preference Share subscription agreement with HSQ Investment Limited, a wholly owned indirect subsidiary of funds managed by Pollen Street Capital Ltd.
David Lawrence, UK CEO at Kingswood, said: “I am thrilled to announce the completion of our first acquisition under my leadership and look forward to welcoming Mike Biggin, Adam Harrison, and the Admiral team to Kingswood.
“Admiral is a highly regarded provider of financial advisory services in North Lincolnshire and Yorkshire having consistently delivered a high-quality service to clients for over 30 years.
“We remain absolutely committed to our stated growth strategy within the UK and internationally.
“Whilst this is our first acquisition of 2021, as reflected in our 2020 year end presentation in June we continue to make good progress on further acquisitions, eight of which are now in exclusive negotiation as we continue to grow our financial planning and investment management reach.”
Mike Biggin, director at Admiral Wealth management, added: “Our team at Admiral are all delighted to be joining Kingswood.
“Our focus has always been to build long-term client relationships, concentrating on high net worth individuals and businesses.
“We have provided high quality advice and service to clients in Lincolnshire and beyond for over 30 years and we believe that joining Kingswood can only enhance our proposition.
“We have always adhered to the highest professional standards and Kingswood seem a perfect fit to maintain and develop our business.”