REG - Kingswood Holdings - Kingswood announces acquisition of JCH

Kingswood HoldingsAnnouncement

03/11/2022 07:00

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RNS Number : 1460F  Kingswood Holdings Limited  03 November 2022

Kingswood Holdings Limited

("Kingswood" or the "Group")

 

Following the announcement today of the completion of Employee Benefit
Solutions (EBS), Kingswood announces the acquisition of JCH Investment
Management Limited, a leading financial advice firm based in Lincoln

 

These transactions will boost Kingswood's client facing advisory team to over
110 people and funds under advice/management to over £8bn across both the UK
& Ireland

 

Kingswood Group assets under advice ("AuA") totals over £10 billion from a
combination of both global retail and institutional clients 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 conditional
acquisition of JCH Investment Management Limited ("JCH") a leading financial
advice firm based in Lincoln (the "Acquisition"). The Acquisition remains
conditional on regulatory approval.

 

David Lawrence, Kingswood Group CEO, commented:

"As well as announcing our completion of EBS today, I am delighted to announce
the acquisition of JCH. Led by John Hebblethwaite, over many years JCH have
built deep and enduring relationships with their clients and John and his team
have a strong cultural alignment with Kingswood.

 

"This Acquisition also allows us to consolidate our existing footprint in
Lincolnshire and in doing so create a scalable hub from which to grow. On
completion, the existing Kingswood team will co-locate with the JCH team in
the JCH premises.

 

"Kingswood continues to be an acquisitive business and has a further five
purchase transactions under exclusive due diligence that we expect to close in
the coming months."

 

About JCH

JCH manages clients predominantly across the Lincolnshire area. The team have
three advisers and seven employees in total managing over £105m of client
assets over 240 clients.

 

In the year ending 31 July 2022, JCH generated revenue of £901k and profit
before tax of £406k. The business will be acquired for total cash
consideration of up to £3.5m, payable over a two-year period, £2.1m 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

Upon regulatory approval for change of control being received, Kingswood will
satisfy the consideration due to the shareholders of JCH through utilisation
of its new funding facility announced on 17 October 2022.

 

John Hebblethwaite JCH commented:

"We are delighted to be joining the Kingswood Group. This is an exciting
development for the business, providing additional expertise, capability, and
funding to continue our long-term track record of providing a best-in-class
service for our clients. Kingswood shares our vision and beliefs of empowering
its employees to provide excellent client service and this move gives the
perfect outcome for both our clients and team for their future prosperity.

 

"I spent over two 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 for the benefit of clients and staff alike. I am
confident that Kingswood, as a major leading advice business, have the team
and culture to be able to do this. We have been very impressed with the depth
of quality in their management team.

 

"This is an important and positive step forward for JCH, as Kingswood share
our fundamental ethos on providing an exemplary service to clients first and
foremost.

 

"Their focus on service with great client outcomes, combined with
understanding that our team are the heart of the business, giving them the
opportunity to thrive and grow, made the decision to join them an easy one."

 

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 £9.5
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.

 

 

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