REG - Kingswood Holdings - Kingswood announces acquisition

Kingswood HoldingsAnnouncement

15/12/2022 07:00

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RNS Number : 7647J  Kingswood Holdings Limited  15 December 2022

Kingswood Holdings Limited

 

("Kingswood" or the "Group")

 

 Kingswood announces the acquisition of Barry Fleming & Partners

 

The transactions boosts Kingswood's global funds under advice/management
to £11.3bn matching our ambition to grow as an international fully
integrated wealth and investment management group

 

Kingswood assets under advice/management in the UK&I totals over £9bn
from a combination of retail and institutional clients

 

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated
wealth and investment management group, is pleased to announce the acquisition
of Barry Fleming and Partners (Tax, Trusts and Investment Planning) Limited
("Barry Fleming & Partners"), based in Berkshire (the "Acquisition"). The
Acquisition is subject to regulatory approval.

 

David Lawrence, Kingswood Group CEO, commented:

"Barry Fleming & Partners has a deep rich history and has established
itself as a reputable, dynamic and client centric business over the past 47
years. The depth of relationships with their clients is truly evident through
their extensive reputation. Extending into Berkshire is a further
acknowledgement of our desire to grow our footprint.

 

Our growth strategy is important and we are strongly committed to supporting
more clients. We have a further three acquisitions under exclusive due
diligence that we expect to close in the coming months, plus additional
transactions that are currently under negotiation."

 

About Barry Fleming & Partners

Barry Fleming & Partners advises individuals, companies, trustees and
charities. This capability allows Barry Fleming & Partners to use its
strength in tax advice to take a 360-degree-view of a financial situation to
give much broader, more comprehensive advice. The team have three advisers and
a total of six employees.

 

Founded in 1975, Barry Fleming & Partners looks after over 415 clients
with over c.£140m AUA. In the year ending 28 February 2022, Barry Fleming
& Partners generated revenue of £1.4m and profit before tax of £190k.
The business will be acquired for total cash consideration of up to £6.2m,
payable over a two-year period, £3.1m paid on completion and the balance paid
on a deferred basis which is subject to the achievement of pre-agreed
performance targets.

 

Consideration

Kingswood will satisfy the consideration through the utilisation of its
funding facility, as announced on 17 October 2022.

 

Barry Fleming, Chairman of Barry Fleming & Partners commented:

"We have spent time looking to work with a company that can take on our
legacy, build on the success of Barry Fleming & Partners as well as
understanding the depth of relationships and care we have with our clients.
Kingswood's ethos of putting their clients at the forefront of their service
proposition dovetails with our own culture of providing a valued service and
excellent advice."

 

Lisa Chantrey, Managing Director of Barry Fleming & Partners commented:

"The whole team are incredibly excited to be working with Kingswood. Kingswood
will offer us the platform to grow and develop our legacy. The changing times
of financial planning and regulation are burdensome for smaller companies and
the move to work with Kingswood will help spread the load of regulation and
administration. The team remains unchanged and the move will allow us to
concentrate even more of our time on our clients - a central experience at
Barry Fleming and Partners."

 

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 / 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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