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Kingswood Holdings Ltd - London-based wealth manager - Buys Eastleigh, England-based financial advisory firm Aim Independent Ltd for GBP3.6 million.
Says the amount is payable over a two-year period, with GBP1.8 million being paid on closing and the remaining balance on a deferred basis.
Notes that the transaction boosted Kingswood's UK client-facing advisory team to 94 people and increased its UK funds under advice & management to a new milestone of over GBP7.2 billion from around 19,300 active clients.
"'My ambition for Kingswood is to become a leading wealth management advisory and investment management business, breaking the GBP7 billion assets under advice& management mark is a huge signal to that as we continue to grow our geographical footprint across the UK," Chief Executive David Lawrence says.
"Our acquisition of Aim will further expand that reach into a new county in the South."
Current stock price: 28.00 pence, up 7.7% on Wednesday
12-month change: up 14%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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