Acquisition of Joseph Lamb

RNS Number : 8084A

Kingswood Holdings Limited

07 February 2022

 

7^th February 2022

KINGSWOOD HOLDINGS LIMITED

Acquisition of Joseph R Lamb Independent Financial Advisers Limited

And completion of acquisition of Allots Financial Services Limited (AFS)

Kingswood Holdings Limited ("Kingswood") announces that it has exchanged and completed on an acquisition with Joseph R Lamb, Independent Financial Advisers Ltd a long established advisory business based in Rayleigh, Essex and the completion of the purchase of Allots Financial Services Limited

The transaction boosts Kingswood's UK client facing advisory team to 90 people and increases UK funds under advice/management to 6.9 billion from circa 18,570 active clients.

Kingswood Group assets under administration ("AuA") will total over 8.5 billion from a combination of both global retail and institutional clients matching our ambition to grow globally as an international integrated full service wealth and investment manager 

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce it has exchanged and completed on an acquisition of Joseph R Lamb Independent Financial Advisers Ltd ("Joseph Lamb"), a long established advisory business based in Rayleigh, Essex. Further to the announcement of 1 February 2022, Kingswood also announces the completion of the acquisition of Allots Financial Services Limited (AFS).

David Lawrence, UK CEO at Kingswood,  commented: "I'm thrilled to announce the acquisition of Joseph Lamb.  Martin and his team at Joseph Lamb operate a long established and highly regarded business that has had a true client focus over 50 years.  This acquisition creates a hub in Essex for Kingswood from which to grow and increases our footprint in the South which is strategically important to us. This is our third acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, four of which are in exclusive due diligence as we continue to grow our financial planning and investment management reach across the UK."

About Joseph R Lamb Independent Financial Advisers Ltd  

Established in 1970, Joseph Lamb provides financial advice to over 1930 active clients and currently employs seven advisers, with eighteen support staff covering clients primarily in Essex with approximately £393m AUA.  On an underlying basis for the 12 month period to 30 June 2021, Joseph Lamb generated revenue of £3.8m and EBITDA of £1.545m.

Following regulatory approval, the business will be acquired for total cash consideration of up to £15.3m, payable over a two year period, £7.65m will be paid at closing and the balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets. 

Martin Lamb , Company principal, commented: "I have spent four years investigating our options for a possible merger or sale, looking to find a 'partner' that would enable us to take all aspects of our business forward and improve everything for the benefit of clients and staff. I am confident that Kingswood, as a leading advice business, have the team and culture to be able to do this and I am very excited about being able to deliver better outcomes for everybody. We have been impressed with the KW proposition, back office and systems and the depth of quality in their management team. This should enable us to work together for everyone's benefit and deliver my ambition of delivering the best possible long-term outcome for all stakeholders and clients."

Consideration

On completion, the acquisition will be funded from funds recently received by Kingswood from the issue of new convertible preference shares, under the terms of its Convertible Preference Share subscription agreement with HSQ INVESTMENT LIMITED, a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital Limited ("Pollen Street"). Kingswood's partnership with Pollen Street grows in strength, and to date has provided growth equity of 77.4 million to support existing and future acquisitions.

ENDS

For further details, please contact:

Kingswood Holdings Limited	[phone]
David Lawrence	www.kingswood-group.com
finnCap Ltd (Nomad & Broker)	[phone]
Stuart Andrews / Simon Hicks / Abigail Kelly
Greentarget (for Kingswood media)   Jamie Brownlee / Alice Gasson / Ellie Basle	[phone] [e-mail]

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa 8.5bn billion of Assets under Advice and Management. It services circa 18,230 clients from a growing network of offices in the UK including Abingdon, Beverley, Conisbrough, Darlington, Derby, Grimsby, Harrogate, Hull, Lincoln, London, Maidstone, Newcastle, Rotherham, Sheffield (2), Worcester and York with overseas offices in Johannesburg, South Africa and Atlanta, New York and San Diego in US.

Kingswood offers a range of trusted investment solutions to its clients, which range from private individuals to some of the UK's largest universities and institutions, including investment advice and management, personal and company pensions and wealth planning. Kingswood is focused on becoming a leading player in the wealth and investment management market through targeted acquisitions in the UK and US, creating a global business through strategic partnerships.

Registered office address: Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4LH

 

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