Kingswood acquires Admiral Wealth Management
Kingswood Holdings Limited (Kingswood) is to acquire Admiral Wealth Management, a North Lincolnshire based Chartered Financial Planning firm, consolidating, and adding scale to its existing presence across North Lincolnshire and Yorkshire.
The transaction boosts Kingswood’s UK client facing advisory team to 66 people and increases UK funds under advice/management to GBP3.5 billion from circa 8,500 active clients.
Kingswood Group AuA now totals over GBP6.2 billion from global retail and institutional clients.
Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce it has agreed to acquire, subject to regulatory approval, Admiral Wealth Management Limited (Admiral) a high quality, established Chartered Financial Planning firm based in North Lincolnshire.
David Lawrence, UK CEO at Kingswood, says: "Since becoming UK CEO at the turn of the year, I have focussed on building momentum in the business and expanding our capabilities to integrate and grow. Our focus on enhancing the client experience is paying dividends and I am delighted that we now have approaching GBP200 million in our internal MPS. I am thrilled 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 regarded provider of financial advisory services in North Lincolnshire and Yorkshire having consistently delivered a high-quality service to clients for over 30 years.
“The Kingswood model is designed to provide a centralised, efficient support infrastructure to manage the routine, but time consuming tasks required across compliance, finance, human resources, risk and technology, allowing the Admiral team to deliver a superior level of service to their clients. I am delighted that Mike and Adam have agreed to stay with the business as it enters a new phase as part of the Kingswood Group and I very much look forward to working with them.
“We remain absolutely committed to perpetuating our stated growth strategy within the UK and internationally. Whilst this is our first acquisition of 2021, we have a strong pipeline of high-quality UK opportunities under negotiation, four of which are in exclusive due diligence representing pro-forma operating profit in excess of GBP2.5 million as we continue to grow our financial planning and investment management reach across the UK. Our international business under the leadership of Mike Nessim is on a similarly strong growth trajectory and where this week we have agreed exclusivity with a target business that on completion will contribute additional annual pro-forma operating profit of USD1.5 million.”