REG - Kingswood Holdings - Kingswood acquires Aim Independent Limited

Kingswood HoldingsAnnouncement

16/02/2022 07:00

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RNS Number : 7959B  Kingswood Holdings Limited  16 February 2022

16(th) February 2022

KINGSWOOD HOLDINGS LIMITED

 

Acquisition of Aim Independent Limited

 

Kingswood Holdings Limited ("Kingswood") announces the acquisition of Aim
Independent Limited

 

The transaction boosts Kingswood's UK client facing advisory team to
94 people and increases UK funds under advice/management to a new
milestone of over £7.2 billion from circa 19,300 active clients.

 

Kingswood Group assets under administration ("AuA") will total over £9.1
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 Aim Independent Limited
("Aim") an independent financial advice business based in Eastleigh serving
clients throughout Hampshire.

 

David Lawrence, UK CEO at Kingswood, commented:''My ambition for Kingswood
is to become a leading wealth management advisory and Investment management
business, breaking the £7bn AUA/M mark is a huge signal to that as we
continue to grow our geographical footprint across the UK. Our acquisition of
Aim will further expand that reach into a new county in the South. Aim was
founded in 2000 and is run by Phil Watson and Andy Davies, who between them
they have over 60 years' experience and an unrivalled commitment to their
clients, which fits in perfectly with the culture and ethos at Kingswood.

 

''This is our fourth acquisition of 2022 and we continue to have a strong
pipeline of high-quality UK opportunities under negotiation, three of which
are in exclusive due diligence. Our next near-term target is to build our UK
AUA/M to in excess of £10bn in the U.K. and £14bn globally and we have the
balance sheet to do so.''

 

About Aim Independent Limited

Aim provides financial advice to over 750 clients. Alongside Phil Watson and
Andy Davies, they have three other advisers and six support colleagues looking
after clients mainly based in Hampshire, holding around £217m AuA/M. In the
year ending 31 July 2021, Aim generated revenue of £1.2m and profit before
tax of £479k.

 

Following regulatory approval, the business will be acquired for total cash
consideration of up to £3.6m, payable over a two-year period, £1.8m will be
paid at closing and the balance paid on a deferred basis.

 

Phil Watson, Company principal, commented: ''We had two objectives we wanted
to achieve when we began to search for a potential buyer, succession planning
and economies of scale. With Kingswood we believe we have found the qualities
of leadership, talent and knowledge to build on our reputation and create a
stronger company with new pathways for growth. We are confident that we have
made the right choice for both our colleagues and our clients for their future
prosperity."

 

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 £9.0bn
billion of Assets under Advice and Management. It services circa 19,000
clients from a growing network of offices in the UK including Abingdon,
Beverley, Conisbrough, Darlington, Derby, Eastleigh, Grimsby, Harrogate,
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.

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

 

 

 

 

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