Kingswood Holdings has entered into a deal to purchase Admiral Wealth Management for £ 4m in cash payable over two years.
The asset and investment manager announced today that it has approved the acquisition of Admiral, pending regulatory approval – the first acquisition of the year.
Two million pounds will be paid on closing and the balance deferred, some of which will depend on meeting pre-agreed performance targets.
Admiral currently has seven employees including two consultants who manage approximately £ 100 million (AUA) in assets under management on behalf of 600 active clients.
The purchase brings Kingwood’s AUA to £ 6.2 billion from global retail and institutional clients.
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The company has a “strong pipeline” of UK opportunities under negotiation. These include five in the case of signed contractual conditions and in due diligence, four in advanced negotiations and nine more in the exchange of information.
Kingswood UK Chief Executive David Lawrence said, “I am very pleased to announce our first acquisition under my leadership and look forward to welcoming Mike Biggin, Adam Harrison and the Admiral team to Kingswood.
“Admiral is a highly respected North Lincolnshire and Yorkshire financial advisory service provider who has consistently provided high quality customer service for over 30 years.
“We remain determined to continue our stated growth strategy in the UK and internationally.”