Last checked at 15 Dec 2022 07:00
Kingswood Holdings Limited
("Kingswood" or the "Group")
Kingswood announces the acquisition of Barry Fleming & Partners
The transactions boosts Kingswood's global funds under advice/management to £11.3bn matching our ambition to grow as an international fully integrated wealth and investment management group
Kingswood assets under advice/management in the UK&I totals over £9bn from a combination of retail and institutional clients
Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce the acquisition of Barry Fleming and Partners (Tax, Trusts and Investment Planning) Limited ("Barry Fleming & Partners"), based in Berkshire (the "Acquisition"). The Acquisition is subject to regulatory approval.
David Lawrence, Kingswood Group CEO, commented:
"Barry Fleming & Partners has a deep rich history and has established itself as a reputable, dynamic and client centric business over the past 47 years. The depth of relationships with their clients is truly evident through their extensive reputation. Extending into Berkshire is a further acknowledgement of our desire to grow our footprint.
Our growth strategy is important and we are strongly committed to supporting more clients. We have a further three acquisitions under exclusive due diligence that we expect to close in the coming months, plus additional transactions that are currently under negotiation."
About Barry Fleming & Partners
Barry Fleming & Partners advises individuals, companies, trustees and charities. This capability allows Barry Fleming & Partners to use its strength in tax advice to take a 360-degree-view of a financial situation to give much broader, more comprehensive advice. The team have three advisers and a total of six employees.
Founded in 1975, Barry Fleming & Partners looks after over 415 clients with over c.£140m AUA. In the year ending 28 February 2022, Barry Fleming & Partners generated revenue of £1.4m and profit before tax of £190k. The business will be acquired for total cash consideration of up to £6.2m, payable over a two-year period, £3.1m paid on completion 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.
Barry Fleming, Chairman of Barry Fleming & Partners commented:
"We have spent time looking to work with a company that can take on our legacy, build on the success of Barry Fleming & Partners as well as understanding the depth of relationships and care we have with our clients. Kingswood's ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing a valued service and excellent advice."
Lisa Chantrey, Managing Director of Barry Fleming & Partners commented:
"The whole team are incredibly excited to be working with Kingswood. Kingswood will offer us the platform to grow and develop our legacy. The changing times of financial planning and regulation are burdensome for smaller companies and the move to work with Kingswood will help spread the load of regulation and administration. The team remains unchanged and the move will allow us to concentrate even more of our time on our clients - a central experience at Barry Fleming and Partners."
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 |
Simon Hicks / Abigail Kelly | |
GreenTarget (for Kingswood media) Jamie Brownlee / Ellie Basle | +44 (0)20 7324 5498 Jamie.Brownlee@greentarget.co.uk |
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa £9.5 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.