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REG - Kingswood Holdings - Kingswood announces acquisition of EBS

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RNS Number : 1458F  Kingswood Holdings Limited  03 November 2022

Kingswood Holdings Limited

("Kingswood" or the "Group")

 

Following the announcement of the acquisition of JCH today, Kingswood Holdings
Limited ("Kingswood") announces the acquisition and completion of Employee
Benefit Solutions Ltd (EBS)

 

These transactions boost Kingswood's UK client facing advisory team to over
100 people and increases UK funds under advice/management to £8 billion

 

Kingswood Group assets under administration ("AuA") will total over £10
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 the acquisition of EBS, a financial planning
firm based in Buckinghamshire.

 

David Lawrence, UK CEO at Kingswood, commented: "I'm delighted by the ever
expanding footprint of Kingswood into new counties, as well as announcing the
acquisition of JCH today, the completion of EBS also takes us into a new
county.  For over 30 years, EBS have a long-established presence in
Buckinghamshire. They have a simple aim; to make complicated financial matters
as simple as possible to help clients meet their goals and make their life as
easy as possible. This mirrors what we strive for at Kingswood.

 

"We have a strong pipeline of activity, with a further five potential
acquisitions in exclusive due diligence. Our near-term target is to build our
UK AUA/M in excess of £10bn in the U.K. and £14bn globally."

 

About EBS

EBS offers a wide range of financial planning services including; retirement
planning, savings and investment advice, protection, and inheritance tax
planning. With three lead advisers and seven colleagues in total, EBS hold
over £135m AUA.  In the year ending March 2022 EBS generated revenue of
£1.56m and profit before tax of £806k.

 

The business will be acquired for total cash consideration of up to £5.08m,
payable over a five-year period. £2.75m will be paid at closing and the
balance paid on a deferred basis.

 

Miles Burr, Director at EBS commented: "We are delighted to be joining
Kingswood. We have invested a huge amount of time in carefully investigating
our options for a possible sale, looking to find the most suitable 'partner'
that would enable us to take our business forward in a way that benefits our
clients and staff. Kingswood, as a leading advice and wealth management
business, have the team, culture and resources to enable us to do this.

"We have been very impressed with Kingswood's proposition, their systems and
senior management. They are a great fit for EBS and we firmly believe we will
be able to achieve our ambition of delivering the best possible long-term
outcomes for our business, staff and, most importantly, our clients."

Consideration

Kingswood will satisfy the consideration due to the shareholders of EBS
through a draw down of its new funding facility, as announced on 17 October
2022.

 

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)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 £9.5bn
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, Penn, 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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