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Wealth and investment management company Kingswood Holdings Ltd on Thursday said it is buying financial advisory firm Vincent & Co Ltd.
Vincent & Co is a Lincolnshire-based firm that provides financial advice to over 130 clients in the area.
Kingswood will buy Vincent & Co for up to £421,000 in cash, payable over a two-year period. Of this, it will pay £211,000 on completion of the deal and the remainder on a deferred basis.
Kingswood said that the acquisition will be funded from cash received from the issue of new convertible preference shares.
Kingswood Chief Executive David Lawrence, said: ‘Vincent & Co have been established for over 20 years and have built deep relationships with their clients and an ethos which matches ours at Kingswood. This is a great opportunity to make an acquisition that consolidates our presence in Lincolnshire.’
Looking forward, he added: ‘We have a strong pipeline of activity, with four potential acquisitions in exclusive due diligence. Our near-term target is to build our UK AUA/M in excess of £10 billion in the UK and £14 billion globally.’
Vincent & Co holds assets under administration of £25 million, Kingswood noted. In the financial year ended October 31, the business generated pretax profit of £83,000 on revenue of £135,000.
Shares in Kingswood were untraded at 27.0 pence on Thursday.
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