Financial advisory firm snapped up by listed group
Wealth and investment management group, Kingswood Holdings, has acquired Rotherham-based Allotts Financial Services Limited (AFS) for a total of up to £2.5m.
AFS is an established financial advisory firm and serves clients covering primarily in South Yorkshire.
David Lawrence, UK CEO at Kingswood, said: “Allott’s has a great reputation for serving clients over many years and is a great addition to Kingswood’s existing footprint in the wider Sheffield region.
“After this acquisition is concluded we will have 13 advisers meeting their client financial advice and investment needs.
“We remain committed to perpetuating our stated growth strategy within the UK and internationally. This is our second acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation.”
Set up in 1998, AFS provides independent financial advice to over 400 active clients and currently employs three advisers, with five support staff covering clients primarily in South Yorkshire with approximately £140m worth of assets under administration.
In the year ended 31 March 2021, AFS generated revenues of £791,000 and pre-tax profits of £355,000.
It will be acquired for total cash consideration of up to £2.5m, payable over a two year period. £1.25m will be paid at closing and the balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.
Neil Highfield, speaking on behalf of AFS, added: “I feel this is an important and positive step forward for Allotts Financial Services.
“Kingswood share our own values and beliefs around providing an excellent service to clients and they will hugely benefit from their large support network and expertise in the financial services industry.”
