£4m deal for financial planning firm

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A North Lincolnshire financial planning firm has been bought in a deal worth up to £4m.

Admiral Wealth Management has been taken over by wealth management group Kingswood Holdings.

The Grimsby-based firm provides independent financial advice to 600 clients, mostly in Lincolnshire and Yorkshire, looking after £100m of assets.

Peter Waller

Admiral was set up 30 years ago by Peter and Carol Waller, who will retire from the business. Director Mike Biggin and senior consultant Adam Harrison will now lead the business as part of the Kingswood group.

The deal will see £2m paid on completion then up to £2m due over the next two years, with some dependent on meeting performance targets.

David Lawrence, UK chief executive at Kingswood, said he was “thrilled” to complete the first acquisition under his leadership.

He said: “Since becoming UK CEO at the turn of the year, I have focussed on building momentum in the business and expanding our capabilities to integrate and grow.

“The Kingswood model is designed to provide a centralised, efficient support infrastructure to manage the routine, but time consuming tasks required across compliance, finance, human resources, risk and technology, allowing the Admiral team to deliver a superior level of service to their clients.”

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