TIDMKWG
RNS Number : 3071S
Kingswood Holdings Limited
15 November 2021
KINGSWOOD HOLDINGS LIMITED
Acquisition of Money Matters (North East)
Kingswood Holdings Limited ("Kingswood") announces an agreement
to acquire Money Matters (North East) Limited ("MMNE"). MMNE is a
privately owned wealth management business, primarily offering its
services to clients in the North-East.
The transaction boosts Kingswood's UK client facing advisory
team to 69 people and increases UK funds under advice/management to
GBP4.6 billion from circa 8,000 active clients.
Kingswood Group AuA now totals over GBP6.3 billion from global
retail and institutional clients.
Kingswood Holdings Limited (AIM: KWG), the international, fully
integrated wealth and investment management group, is pleased to
announce it has agreed to acquire, subject to regulatory approval,
Money Matters (North East) Limited, a privately owned wealth
management business, primarily offering its services in the North
East of England.
David Lawrence, UK CEO at Kingswood, commented:
"Since becoming UK CEO late last year, I have focused on
building momentum in the business and expanding our capabilities to
integrate and grow. I am thrilled to announce our acquisition of
MMNE and look forward to welcoming Alastair Raine, Chris Woodhams
and the whole team to Kingswood.
"Both Chris and Alastair have extensive experience as financial
advisers and started MMNE in 2010 with a vision to combine their
extensive expertise together to create a client centred business
which is a vision that we share at Kingswood.
"The Kingswood model is designed to provide a centralised,
efficient support infrastructure to manage the routine, but time
consuming tasks required across compliance, finance, human
resources, risk and technology, allowing the MMNE team to deliver a
superior level of service to their clients. I am really looking
forward to working with Chris and Alastair as we further grow the
business as part of the Kingswood Group.
"We remain committed to perpetuating our stated growth strategy
within the UK and internationally. This is our second acquisition
of 2021 and we continue to have a strong pipeline of high-quality
UK opportunities under negotiation, six of which are in exclusive
due diligence as we continue to grow our financial planning and
investment management reach across the UK. We expect to be making
more announcements over the coming weeks."
About MMNE
MMNE is an independent financial adviser firm based in Redcar,
North Yorkshire and they advise on all aspects of personal
financial planning with clients that range from private individuals
to small/medium sized businesses. MMNE currently employs 13 people,
including three financial advisers, managing c.GBP115m AUA on
behalf of c.600 active clients. In the year to 31 March 2021, MMNE
generated profit before tax of GBP425k and had net assets of
GBP499k as at that date.
Following regulatory approval, the business will be acquired for
total cash consideration of up to GBP3.4m, payable over a two year
period. GBP1.7m 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.
Alastair Raine / Chris Woodhams, company principals at MMNE
commented:
"We spoke to many firms with the primary aim of finding a firm
with a very similar culture of placing the clients at the heart of
everything we do, whilst focusing on staff welfare and progression.
Kingswood fits these criteria perfectly.
"We have been searching for the right business to embrace our
culture, philosophy, and principles in continuing to provide the
highest quality, client focused financial advice.
"We feel the prospect of being part of a larger organisation
allows us to address the challenges of dealing with increasing
regulatory change whilst enhancing the service to existing clients
and creating the potential for future growth. These were the key
factors in joining the Kingswood Group.
We are delighted to have found such a firm in Kingswood, who
will further enhance our client proposition and present an exciting
new opportunity for all our staff that have helped us to grow the
business over the last 11 years."
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 GBP44.8 million 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
finnCap Ltd (Nomad & Broker) +44 (0)20 7220 0500
Stuart Andrews / Simon Hicks / Abigail
Kelly (Corporate Finance)
Richard Chambers (ECM)
GreenTarget (for Kingswood media) +44 (0)20 7324 5498
Jamie Brownlee / Alice Gasson / Ellie Jamie.Brownlee@greentarget.co.uk
Basle
Stand Agency (for Pollen Street media) +44 (0) 7973 596 503
Cait Dacey pollenstreet@standagency.com
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an
AIM-listed (AIM: KWG) international fully integrated wealth
management group with circa GBP6.3 billion of Assets under Advice
and Management. It services circa 8,000 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.
Registered office address: Mont Crevelt House, Bulwer Avenue,
St. Sampson, Guernsey, GY2 4LH
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END
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