REG - Kingswood Holdings - D.J. Cooke (Life & Pensions) Limited acquired

Kingswood HoldingsAnnouncement

26/01/2022 07:05

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RNS Number : 6793Z  Kingswood Holdings Limited  26 January 2022

Acquisition of D.J. Cooke (Life & Pensions) Limited

 

Kingswood Holdings Limited ("Kingswood") announces an agreement to acquire
the business assets of D.J. Cooke (Life & Pensions) Limited based in
Conisbrough, South Yorkshire.

This increases UK funds under advice/management to £6.3bn billion from circa
16,240 active clients

Kingswood Group AuA now totals over £8bn 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 that it
has agreed to acquire, subject to completion, the business assets of DJ
Cooke Financial Planning Limited, an independent financial planning business
servicing clients across South Yorkshire.

David Lawrence, UK CEO at Kingswood, commented:

''I am delighted to welcome David and the team at DJ Cooke Financial Planning
Limited into Kingswood.  This is our first acquisition of 2022 and we
continue to have a strong pipeline of high-quality UK opportunities under
negotiation, five of which are in the exclusive due diligence stage.''

DJ Cooke Limited is a long-established independent financial advice firm
specialising in retirement and investment planning.  David Cooke, CEO, is the
sole adviser looking after c.340 client households with around £70m AuA.  On
an underlying basis for the 12 month period up to the end of December 2021, D
J Cooke Limited generated unaudited revenue of approximately £474k and
unaudited EBITDA of approximately £227k.

David Cooke, CEO of DJ Cooke Financial Planning Limited, commented:

''I am very excited to join the Kingswood group. I feel they share my values,
will provide excellent client service and equally importantly will offer
continuity for my colleagues and clients.  This will make client transition
as smooth as possible and enable me to continue to oversee my clients' best
interests for the future.''

Consideration

Following Completion, around £1.5m is payable over a 2 year
period. £749k 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.

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 £77.4m to support existing and future acquisitions.

 

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 £7.9
billion of Assets under Advice and Management. It services circa 15,900
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

 

Pollen Street is an independent alternative investment management company,
focused on accelerating the progress of the financial, business services and
technology sectors. It was established in 2013 and manages over £3bn AUM
across private equity and credit strategies on behalf of investors including
leading public and corporate pension funds, insurance companies, Sovereign
Wealth Funds, Endowment and Foundations, asset managers, banks, and family
offices from around the world. Pollen Street has a team of over 70
professionals with offices in London and New York City.

www.pollencap.com 

 

 

 

 

 

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