Mergers and acquisitions  

Kingswood buys Essex-based adviser for £15.3mn

Kingswood buys Essex-based adviser for £15.3mn

Kingswood Holdings has bought Essex-based Joseph R Lamb Independent Financial Advisers, in a deal worth up to £15.3mn.

The deal will see Kingswood's team increase to 90 people and its funds under management to £6.9bn from 18,570 active clients.

Joseph Lamb was set up in 1970 and provides financial advice to more than 1,930 active clients with approximately £393mn assets under administration. It currently employs seven advisers, with 18 support staff.

Kingswood has bought the firm for £15.3mn payable over a two-year period, with £7.65mn paid once the deal is approved and the rest to be paid on meeting performance targets.

David Lawrence, UK chief executive officer at Kingswood, said: "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."

In the year ended June 30, 2021, Joseph Lamp reported revenues of £3.8mn and a profit before tax of £1.545mn.

Martin Lamb, company principal, said: "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 Kingswood 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."

Last week, Kingswood bought Rotherham-based Allotts Financial Services in a deal worth up to £2.5mn.

In today’s (February 7) update, it confirmed that it had completed on the deal.

In January, Kingswood purchased DJ Cooke Financial Planning for £1.5mn in its first deal of the year. 

All the deals will be paid from funds recently received by Kingswood from the issue of £3mn in convertible preference shares.

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 provided growth equity of £77.4mn to support existing and future acquisitions.

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