LONDON (Alliance News) - Kingswood Holdings Ltd on Monday said it intends to buy Marchant McKechnie Independent Financial Advisers Ltd for GBP4.0 million.
Marchant McKechnie offers a wide range of services to its 700 clients, including personal and company pensions, investments, and tax planning.
The wealth management company said the payable consideration comprises of an initial cash payment of GBP1.6 million with a deferred sum of up to GBP2.4 million, subject to certain revenue metrics being achieved over the next two years.
For the year to the end of 2017, Marchant McKechnie generated earnings before interest, taxes, depreciation, and amortization of GBP855,000 and profit after tax of GBP499,000.
"Marchant McKechnie is a strong addition to the group as we look to build a new national brand in the UK wealth market," said Kingswood Chief Executive Marianne Ismail.
Shares in Kingswood were untraded on Monday, last quoted at 16.50 pence each.
Kingswood H. (KWG)