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Kingswood Holdings (KWG)

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Wednesday 18 August, 2021

Kingswood Holdings

Acquisition

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 £4.5 billion * from circa 8,500 active clients.

 

Kingswood Group AuA now totals over £6.2 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.£100 million AuA on behalf of c.600 active clients. 

As previously announced, Admiral will be acquired for a cash consideration of £4.0 million, payable over a 2-year period.  £2.0 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)

Jamie Brownlee / Alice Gasson / Ellie Basle 

+44 (0)20 7324 5498

[email protected]



Stand Agency (for Pollen Street media)

Cait Dacey

 

+44 (0) 7973 596 503

[email protected]

 

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa 6.1 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.

 

 

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