TIDMKWG
RNS Number : 9599I
Kingswood Holdings Limited
18 August 2021
RNS
Completion of the Acquisition of Admiral Wealth Management
Kingswood Holdings Limited ("Kingswood") is pleased to announce
that it has completed the acquisition of Admiral Wealth Management,
a North Lincolnshire based Chartered Financial Planning firm,
consolidating, and adding scale to its existing presence across
North Lincolnshire and Yorkshire.
The transaction boosts Kingswood's UK client facing advisory
team to 66 people and increases UK funds under advice/management to
GBP4.5 billion * from circa 8,500 active clients.
Kingswood Group AuA now totals over GBP6.2 billion from global
retail and institutional clients.
Following the announcement made on 17 June 2021, Kingswood
Holdings Limited (AIM: KWG), the international, fully integrated
wealth and investment management group, is pleased to announce that
it has completed the acquisition of Admiral Wealth Management
Limited ("Admiral") a high quality, established Chartered Financial
Planning firm based in North Lincolnshire.
Admiral provides independent financial advice to individuals and
corporates primarily in Lincolnshire and Yorkshire. It currently
employs 7 people, including 2 advisers managing c.GBP100 million
AuA on behalf of c.600 active clients.
As previously announced, Admiral will be acquired for a cash
consideration of GBP4.0 million, payable over a 2-year period.
GBP2.0 million will be paid now the acquisition is complete and the
balance will be paid on a deferred basis. Admiral have the option
to request the deferred consideration be paid in either cash or in
ordinary shares of Kingswood Holdings Ltd.
The cash consideration 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
Limited ("Pollen Street").
David Lawrence, UK CEO at Kingswood , commented: "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,
8 of which are now in exclusive negotiation as we continue to grow
our financial planning and investment management reach across the
UK and internationally."
Mike Biggin, Director Admiral Wealth management, commented " 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."
* including Institutional AuM
For further details, please contact:
Kingswood Holdings Limited +44 (0)20 7293 0730
David Lawrence www.kingswood-group.com
Peel Hunt LLP (Nomad and Broker) +44 (0)20 7418 8900
James Britton / Rishi Shah
GreenTarget (for Kingswood media) +44 (0)20 7324 5498
Jamie Brownlee / Alice Gasson / Ellie Jamie.Brownlee@greentarget.co.uk
Basle
Stand Agency (for Pollen Street media) +44 (0) 7973 596 503
Cait Dacey pollenstreet@standagency.com
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an
AIM-listed (AIM: KWG) international fully integrated wealth
management group with circa GBP6.1 billion of Assets under Advice
and Management. It services circa 8,000 clients from a growing
network of offices in the UK including Abingdon, Beverley,
Darlington, Derby, Grimsby, Hull, Lincoln, London, Maidstone,
Newcastle, Sheffield (2), Worcester and York with overseas offices
in Johannesburg, South Africa and Atlanta, New York and San Diego
in US.
Kingswood offers a range of trusted investment solutions to its
clients, which range from private individuals to some of the UK's
largest universities and institutions, including investment advice
and management, personal and company pensions and wealth planning.
Kingswood is focused on becoming a leading player in the wealth and
investment management market through targeted acquisitions in the
UK and US, creating a global business through strategic
partnerships.
About Pollen Street Capital
Pollen Street Capital is an independent alternative investment
management company, focused on accelerating the progress of the
financial and business services sectors. Established in 2013, it
operates across private equity and credit strategies on behalf of
investors including leading pension funds, asset managers, banks
and family offices from around the world. We are a team of 70+
professionals with offices in London and New York.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQEANPXFDFFEFA
(END) Dow Jones Newswires
August 18, 2021 02:00 ET (06:00 GMT)
Kingswood (LSE:KWG)
Historical Stock Chart
From Apr 2024 to May 2024
Kingswood (LSE:KWG)
Historical Stock Chart
From May 2023 to May 2024