(Alliance News) - Wealth and investment management company Kingswood Holdings Ltd on Thursday said it is buying financial advisory firm Vincent & Co Ltd.
Vincent & Co is a Lincolnshire-based firm that provides financial advice to over 130 clients in the area.
Kingswood will buy Vincent & Co for up to GBP421,000 in cash, payable over a two-year period. Of this, it will pay GBP211,000 on completion of the deal and the remainder on a deferred basis.
Kingswood said that the acquisition will be funded from cash received from the issue of new convertible preference shares.
Kingswood Chief Executive David Lawrence, said: "Vincent & Co have been established for over 20 years and have built deep relationships with their clients and an ethos which matches ours at Kingswood. This is a great opportunity to make an acquisition that consolidates our presence in Lincolnshire."
Looking forward, he added: "We have a strong pipeline of activity, with four potential acquisitions in exclusive due diligence. Our near-term target is to build our UK AUA/M in excess of GBP10 billion in the UK and GBP14 billion globally."
Vincent & Co holds assets under administration of GBP25 million, Kingswood noted. In the financial year ended October 31, the business generated pretax profit of GBP83,000 on revenue of GBP135,000.
Shares in Kingswood were untraded at 27.0 pence on Thursday.
By Sophie Rose; sophierose@alliancenews.com
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Kingswood H. (KWG)