REG - Kingswood Holdings - Acquisition of Joseph Lamb

Kingswood HoldingsAnnouncement

07/02/2022 07:00

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RNS Number : 8084A  Kingswood Holdings Limited  07 February 2022

7(th) February 2022

KINGSWOOD HOLDINGS LIMITED

 

Acquisition of Joseph R Lamb Independent Financial Advisers Limited

And completion of acquisition of Allots Financial Services Limited (AFS)

 

Kingswood Holdings Limited ("Kingswood") announces that it has exchanged and
completed on an acquisition with Joseph R Lamb, Independent Financial Advisers
Ltd a long established advisory business based in Rayleigh, Essex and the
completion of the purchase of Allots Financial Services Limited

 

 

The transaction boosts Kingswood's UK client facing advisory team
to 90 people and increases UK funds under advice/management to £6.9
billion from circa 18,570 active clients.

 

Kingswood Group assets under administration ("AuA") will total over £8.5
billion from a combination of both global retail and institutional clients
matching our ambition to grow globally as an international integrated full
service wealth and investment manager

 

 

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated
wealth and investment management group, is pleased to announce it
has exchanged and completed on an acquisition of Joseph R Lamb Independent
Financial Advisers Ltd ("Joseph Lamb"), a long established advisory business
based in Rayleigh, Essex. Further to the announcement of 1 February 2022,
Kingswood also announces the completion of the acquisition of Allots Financial
Services Limited (AFS).

 

David Lawrence, UK CEO at Kingswood, commented: "I'm thrilled to announce
the acquisition of Joseph Lamb.  Martin and his team at Joseph Lamb operate a
long established and highly regarded business that has had a true client focus
over 50 years.  This acquisition creates a hub in Essex for Kingswood from
which to grow and increases our footprint in the South which is strategically
important to us. This is our third acquisition of 2022 and we continue to have
a strong pipeline of high-quality UK opportunities under negotiation, four
of which are in exclusive due diligence as we continue to grow our financial
planning and investment management reach across the UK."

About Joseph R Lamb Independent Financial Advisers Ltd

Established in 1970, Joseph Lamb provides financial advice to over 1930 active
clients and currently employs seven advisers, with eighteen support staff
covering clients primarily in Essex with approximately £393m AUA.  On an
underlying basis for the 12 month period to 30 June 2021, Joseph Lamb
generated revenue of £3.8m and EBITDA of £1.545m.

Following regulatory approval, the business will be acquired for total cash
consideration of up to £15.3m, payable over a two year period, £7.65m 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.

Martin Lamb, Company principal, commented: "I have spent four years
investigating our options for a possible merger or sale, looking to find a
'partner' that would enable us to take all aspects of our business forward and
improve everything for the benefit of clients and staff. I am confident that
Kingswood, as a leading advice business, have the team and culture to be able
to do this and I am very excited about being able to deliver better outcomes
for everybody. We have been impressed with the KW proposition, back office and
systems and the depth of quality in their management team. This should enable
us to work together for everyone's benefit and deliver my ambition of
delivering the best possible long-term outcome for all stakeholders and
clients."

 

Consideration

On completion, the acquisition will be funded from funds recently received by
Kingswood from the issue of new 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 and/or
advised by Pollen Street Capital Limited ("Pollen Street"). Kingswood's
partnership with Pollen Street grows in strength, and to date has provided
growth equity of £77.4 million to support existing and future acquisitions.

ENDS

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
   Stuart Andrews / Simon Hicks / Abigail Kelly
   Greentarget (for Kingswood media)                    +44 (0)20 7324 5498

   Jamie Brownlee / Alice Gasson / Ellie Basle          Jamie.Brownlee@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 £8.5bn
billion of Assets under Advice and Management. It services circa 18,230
clients from a growing network of offices in the UK including Abingdon,
Beverley, Conisbrough, Darlington, Derby, Grimsby, Harrogate, Hull,
Lincoln, London, Maidstone, Newcastle, Rotherham, 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.

Registered office address: Mont Crevelt House, Bulwer Avenue, St. Sampson,
Guernsey, GY2 4LH

 

 

 

 

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