REG - Kingswood Holdings - Acquisition of JFP Holdings & JCH Investment Mgt

Kingswood HoldingsAnnouncement

01/12/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221201:nRSA1768Ia&default-theme=true

RNS Number : 1768I  Kingswood Holdings Limited  01 December 2022

Kingswood Holdings Limited

("Kingswood" or the "Group")

Acquisition of JFP Holdings Limited

 

Kingswood announces the acquisition of JFP Holdings Limited, the holding
company of JFP Financial Services Limited, a leading financial advisory firm
based in Macclesfield, Cheshire

Kingswood also announces the completion of the acquisition of JCH Investment
Management Limited following receipt of regulatory approval, as announced on 3
November 2022

These transactions will boost Kingswood's client facing advisory team to over
115 people and funds under advice/management to over £8.5bn across both the
UK & Ireland

Following these transactions, Kingswood Group Global Assets under advice
("AuA") will total over £10.9bn, matching our ambition to grow globally as
an international fully integrated wealth and investment management group

 

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated
wealth and investment management group, is pleased to announce the acquisition
of JFP Holdings Limited ("JFP Holdings"), the holding company of JFP
Financial Services Limited ("JFP"), a leading financial advisory firm based in
Macclesfield, Cheshire (the "Acquisition").

David Lawrence, Kingswood Group CEO, commented: "The acquisition of JFP
Holdings will expand our geographical footprint into the Northwest region and
an affluent South Manchester area. JFP Holdings are a high-quality business
that has operated with its affiliate Josolyne & Co, a leading chartered
accountancy practice, for many years. Led by Andy Heywood, JFP Holdings have a
long track record of delivering an exceptional level of service and strong
client relationships over many years, and I am delighted to welcome them to
the Kingswood Group.

Our growth strategy is important and we are strongly committed to supporting
more clients. We have a further four acquisitions under exclusive due
diligence that we expect to close in the coming months, plus a number of
additional transactions that are currently under negotiation."

About JFP Holdings

Established over 40 years ago, JFP Holdings services clients predominantly
across Cheshire, Derbyshire and Staffordshire. The team have built long
lasting relationships with not only individuals but also medical
professionals, businesses and their employees. JFP Holdings manages £360m of
client assets across 1,295 clients.

In the year ending 31 March 2022, JFP generated revenue of £2.5m and profit
before tax of £1.5m. JFP Holdings will be acquired for total cash
consideration of up to £12.4m, payable over a two-year period, £7.44m of
which will be paid upon receipt of regulatory approval and the balance paid on
a deferred basis which is subject to the achievement of pre-agreed performance
targets.

Consideration

Kingswood will satisfy the consideration through the utilisation of its
funding facility, as announced on 17 October 2022.

Andrew Heywood, Director of JFP commented: "We are delighted to be joining
Kingswood. Throughout the sales process there were a number of important
factors that influenced our decision, but the over-riding requirement was for
us to have an excellent matching of cultures with any firm looking to acquire
us. The cultural fit between our two firms was evident from our first meeting
with David Lawrence and has been confirmed throughout our dealings with David
and his team. We are looking forward to working within the Kingswood Group
which we know will be a great home for our staff and clients."

Completion of the acquisition of JCH Investment Management Limited

Further to the announcement of 3 November 2022, Kingswood announces that it
has now completed the acquisition of JCH Investment Management Limited, a
leading financial advice firm based in Lincoln, following receipt of
regulatory approval.

 

For further details, please contact:

 Kingswood Holdings Limited         +44 (0)20 7293 0730
 David Lawrence                     www.kingswood-group.com (http://www.kingswood-group.com/)
 finnCap Ltd (Nomad & Broker)       +44 (0)20 7220 0500
 Simon Hicks / Abigail Kelly
 GreenTarget (for Kingswood media)  +44 (0)783 457 1183

 Jamie Brownlee /  Ellie Basle      eleonore.basle@greentarget.co.uk (mailto:Jamie.Brownlee@greentarget.co.uk)

 

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG)
international fully integrated wealth management group with circa £10
billion of assets under advice and management. It services circa 19k clients
from a growing network of offices across the UK with overseas offices in South
Africa and the 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 building on its position
as a leading player in the wealth and investment management market through
targeted acquisitions, creating a global business through strategic
partnerships.

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQDDBDBRBXDGDG