Kingswood H. Regulatory News (KWG)

Kingswood Holdings Limited 

("Kingswood" or the "Group")

Acquisition of JFP Holdings Limited 

Kingswood announces the acquisition of JFP Holdings Limited, the holding company of JFP Financial Services Limited, a leading financial advisory firm based in Macclesfield, Cheshire 

Kingswood also announces the completion of the acquisition of JCH Investment Management Limited following receipt of regulatory approval, as announced on 3 November 2022 

These transactions will boost Kingswood's client facing advisory team to over 115 people and funds under advice/management to over £8.5bn across both the UK & Ireland 

Following these transactions, Kingswood Group Global Assets under advice ("AuA") will total over £10.9bn, matching our ambition to grow globally as an international fully integrated wealth and investment management group

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce the acquisition of JFP Holdings Limited ("JFP Holdings"), the holding company of JFP Financial Services Limited ("JFP"), a leading financial advisory firm based in Macclesfield, Cheshire (the "Acquisition").

David Lawrence, Kingswood Group CEO, commented: "The acquisition of JFP Holdings will expand our geographical footprint into the Northwest region and an affluent South Manchester area. JFP Holdings are a high-quality business that has operated with its affiliate Josolyne & Co, a leading chartered accountancy practice, for many years. Led by Andy Heywood, JFP Holdings have a long track record of delivering an exceptional level of service and strong client relationships over many years, and I am delighted to welcome them to the Kingswood Group.

Our growth strategy is important and we are strongly committed to supporting more clients. We have a further four acquisitions under exclusive due diligence that we expect to close in the coming months, plus a number of additional transactions that are currently under negotiation."

About JFP Holdings

Established over 40 years ago, JFP Holdings services clients predominantly across Cheshire, Derbyshire and Staffordshire. The team have built long lasting relationships with not only individuals but also medical professionals, businesses and their employees. JFP Holdings manages £360m of client assets across 1,295 clients.

In the year ending 31 March 2022, JFP generated revenue of £2.5m and profit before tax of £1.5m. JFP Holdings will be acquired for total cash consideration of up to £12.4m, payable over a two-year period, £7.44m of which will be paid upon receipt of regulatory approval and the balance paid on a deferred basis which is subject to the achievement of pre-agreed performance targets.

Consideration

Kingswood will satisfy the consideration through the utilisation of its funding facility, as announced on 17 October 2022.

Andrew Heywood, Director of JFP commented: "We are delighted to be joining Kingswood. Throughout the sales process there were a number of important factors that influenced our decision, but the over-riding requirement was for us to have an excellent matching of cultures with any firm looking to acquire us. The cultural fit between our two firms was evident from our first meeting with David Lawrence and has been confirmed throughout our dealings with David and his team. We are looking forward to working within the Kingswood Group which we know will be a great home for our staff and clients."

Completion of the acquisition of JCH Investment Management Limited

Further to the announcement of 3 November 2022, Kingswood announces that it has now completed the acquisition of JCH Investment Management Limited, a leading financial advice firm based in Lincoln, following receipt of regulatory approval.

For further details, please contact:

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa £10 billion of assets under advice and management. It services circa 19k clients from a growing network of offices across the UK with overseas offices in South Africa and the 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 building on its position as a leading player in the wealth and investment management market through targeted acquisitions, creating a global business through strategic partnerships.