LONDON, UK: Kingswood Holdings (AIM: KWG) introduced the acquisition of Barry Fleming and Partners based in Berkshire.
The enterprise will be acquired for total money consideration of as a lot as £6.2m, payable over a two-year period, £3.1m paid on completion and the balance paid on a deferred foundation which is topic to the achievement of pre-agreed efficiency targets.
Kingswood will fulfill the consideration through the utilisation of its funding facility, as introduced on 17 October 2022.
David Lawrence, Kingswood Group CEO, commented: “Barry Fleming & Partners has a deep wealthy historical previous and has established itself as a reputable, dynamic and client centric enterprise over the previous forty seven years. The depth of relationships with their clients is truly evident through their extensive reputation. Extending into Berkshire is a additional acknowledgement of our desire to develop our footprint.
Our growth technique is important and we’re strongly dedicated to supporting extra clients. We have a additional three acquisitions under unique due diligence that we expect to shut within the approaching months, plus additional transactions that are currently under negotiation.”
Barry Fleming & Partners advises individuals, companies, trustees and charities. This functionality permits Barry Fleming & Partners to make use of its strength in tax recommendation to take a 360-degree-view of a monetary situation to give a lot broader, extra complete advice. The team have three advisers and a complete of six employees.
Founded in 1975, Barry Fleming & Partners takes care of over 415 clients with over c.£140m AUA. In the year ending 28 February 2022, Barry Fleming & Partners generated income of £1.4m and revenue earlier than tax of £190k.
Barry Fleming, Chairman of Barry Fleming & Partners commented: “We have spent time looking to work with an organization that may tackle our legacy, construct on the success of Barry Fleming & Partners in addition to understanding the depth of relationships and care we have with our clients. Kingswood’s ethos of placing their clients on the forefront of their service proposition dovetails with our personal tradition of offering a valued service and excellent advice.”
Lisa Chantrey, Managing Director of Barry Fleming & Partners commented: “The whole team are extremely excited to be working with Kingswood. Kingswood will offer us the platform to develop and develop our legacy. The altering times of monetary planning and regulation are burdensome for smaller companies and the transfer to work with Kingswood will assist unfold the load of regulation and administration. The team stays unchanged and the transfer will allow us to pay attention a lot extra of our time on our clients – a central expertise at Barry Fleming and Partners.”
Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) worldwide fully built-in wealth administration group with circa £9.5 billion of assets under recommendation and management. It services circa 19k clients from a rising community of offices throughout the UK with abroad offices in South Africa and the US.