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LONDON (Alliance News) - Kingswood Holdings Ltd on Friday said it has continued its expansion with the acquisition of financial advisory firm Thomas & Co Financial Services.
In addition, the wealth management company said it launched an enhanced managed portfolio service.
Kingswood said it will pay a maximum consideration of GBP3.3 million for Thomas & Co, comprising of an initial cash payment of GBP1.5 million and a further deferred sum of up to GBP1.8 million, subject to the achievement of revenue and profitability targets over a three-year period.
In 2017, Thomas & Co reported pretax profit of GBP460,000. Kingswood expects the acquisition to be immediately earnings accretive to the company.
The addition of Thomas & Co broadens Kingswood's UK footprint, it said, adding to its existing office network in London, Manchester, Cheltenham, Maidstone, Worcester and Beverley.
"Our strategy remains firmly focused on seeking opportunities, domestically and internationally, to drive growth in revenue and assets under management and advice, through acquisition and by attracting best in class wealth and investment talent to the Kingswood platform," said Kingswood Chief Executive Gary Wilder.
"We have a strong pipeline of opportunities we are currently evaluating. Access to products such as our enhanced managed portfolio service, which we have also announced today, as well as the rigour and discipline of our investment process, makes us an attractive partner to firms such as Thomas & Co," added Wilder.
Kingswood shares were untraded on Friday, last closing at 12.25 pence each.
