Mergers and acquisitions  

Kingswood buys South Yorkshire IFA in first deal of the year

Kingswood buys South Yorkshire IFA in first deal of the year

Kingswood Holdings has bought DJ Cooke Financial Planning for £1.5m in its first deal of the year. 

The deal, which is subject to completion, will increase its UK funds under advice to £6.3bn from circa 16,240 active clients.

DJ Cooke Limited is an established IFA in South Yorkshire specialising in retirement and investment planning.  

At the helm is chief executive officer David Cooke, who is the sole adviser looking after around 340 client households with approximately £70m in assets under advice.   

David Lawrence, UK chief executive officer at Kingswood, said: ''I am delighted to welcome David and the team at DJ Cooke Financial Planning Limited into Kingswood.  

“This is our first acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, five of which are in the exclusive due diligence stage.''

Following completion of the deal, around £1.5m is payable over a two-year period. 

The sum of £749,000 will be paid at closing and the balance paid on a deferred basis, some of which is subject to pre-agreed performance targets.

On an underlying basis for the 12 month period up to the end of December 2021, D J Cooke Limited generated unaudited revenues of approximately £474,000 and unaudited Ebitda of approximately £227,000.

Cooke added: "I am very excited to join the Kingswood group. I feel they share my values, will provide excellent client service and equally importantly will offer continuity for my colleagues and clients.  

"This will make client transition as smooth as possible and enable me to continue to oversee my clients' best interests for the future."

The purchase will be funded from funds recently received by Kingswood from the issue of £3m convertible preference shares at an issue price of £1 each

This was the eleventh tranche of such shares issued as part of an £80m commitment made to Kingswood by investment management firm Pollen Street back in September 2019

Kingswood's partnership with Pollen Street has to date has provided growth equity of £77.4m to support existing and future acquisitions.

Earlier this month, the wealth manager appointed Hayley Burton as managing director and head of wealth planning in the Midlands and south.

At the end of 2021, Kingswood bought north east based IFA Money Matters and Kent-based Smythe and Walter Limited.

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