TIDMKWG
RNS Number : 6021S
Kingswood Holdings Limited
17 November 2021
17(th) November 2021
KINGSWOOD HOLDINGS LIMITED
Acquisition of Smythe and Walter Limited
Kingswood Holdings Limited (" Kingswood") announces an agreement
to acquire the business assets of Smythe and Walter ("Smythe and
Walter"), a financial planning business based in Faversham,
Kent.
The transaction boosts Kingswood's UK client facing advisory
team to 71 people and increases UK funds under advice/management to
GBP4.7 billion from circa 9,300 active clients.
Kingswood Group AuA now totals over GBP6.4 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 that it has agreed to acquire, subject to completion, the
business assets of Smythe and Walter Limited, an independent
financial planning business servicing clients across Kent.
David Lawrence, UK CEO at Kingswood, commented:
"Smythe and Walter are a growing firm and this acquisition
enhances our existing footprint in the South East. I am delighted
to welcome Lee Smythe and his team to Kingswood. This is our third
acquisition of 2021 and we continue to have a strong pipeline of
high-quality UK opportunities under negotiation, five of which are
in the exclusive due diligence stage.
Lee Smythe leads a team of three who look after approximately
100 client households with around GBP40 million assets under
management advising on all aspects of personal financial planning .
For the year ended 31 March 2021 Smythe and Walter reported
revenues of GBP293k, profit before tax of GBP100k and had net
assets at that date of GBP9.7k."
Lee Smythe, CEO of Smythe and Walter , commented:
"With an ever increasing regulatory burden, joining Kingswood
enables us to gain access to the resources and support, which we
need to both provide a wider range of services to our current
clients and to grow our future business in a cost effective manner.
In addition to this, given the events of the last 18 months or so,
becoming part of a larger firm ensures a greater sense of security
for both staff and clients alike.
With the additional support functions in place, I am looking
forward to being able to spend more time on the most important and
enjoyable part of our business, looking after our clients."
Consideration
Following completion, GBP420K will be paid immediately and up to
GBP420k will be payable on a deferred basis over the following two
years, subject to the achievement of pre-agreed performance
targets.
The acquisition will be funded from cash 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
GreenTarget (for Kingswood media) +44 (0)20 7324 5498
Jamie Brownlee / Alice Gasson / Ellie Jamie.Brownlee@greentarget.co.uk
Basle
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an
AIM-listed (AIM: KWG) international fully integrated wealth
management group with circa GBP6.2 billion of Assets under Advice
and Management. It services circa 8,600 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.
About Pollen Street
Pollen Street Capital is an independent alternative asset
investment management company focused on the financial and business
services sectors across both private equity and credit strategies.
The private equity strategy is focused on investing middle market
firms which have the capacity to become leaders in their field
across Europe. Pollen Street have deployed over GBP1.2bn capital
into this strategy over the last 14 years delivering strong returns
for its investors that include leading pension funds, asset
managers, banks and family offices from around the world. Pollen
Street Capital has a team of 70+ professionals with offices in
London and New York.
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