Mergers and acquisitions  

Kingswood eyes further growth amid discussions with 8 firms

Kingswood eyes further growth amid discussions with 8 firms

Kingwood is planning for further growth as the firm has signed heads of terms or is in exclusive discussions with a further eight UK and Ireland businesses.

In its half year results, the firm said it is currently in “exclusive due diligence” with eight firms, comprising a total of £8.7mn annual operating profit and £1.9bn assets under management.

The group expects most of its purchases to conclude in the fourth quarter of the year. 

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Elsewhere in the results, Kingswood reported group revenue of £80.4mn for the six months to June 30, an increase of £18.8mn (31 per cent) on H1 2022.

Wealth planning revenue stood at £12.9mn, an increase of 55 per cent compared to the same period last year.

The firm said this reflected the impact of acquisitions and organic growth across the UK and US.

Investment management revenue was also up to £3.6mn from £2.3mn which the group said was down to the purchase of Iboss Asset Management which it bought in November last year. 

So far in 2022, Kingswood has already bought six firms: Hampshire-based Smith Pearman and Associates, South-Yorkshire based DJ Cooke Life and Pensions, Rotherham-based Allots Financial Services, Essex-based Joseph R Lamb Financial Advisers, Eastleigh-based Aim Independent financial advisers and Lincolnshire-based Vincent & Co.

Kingswood chief executive officer David Lawrence, said: “We have continued to implement our buy, build and grow strategy in the UK, successfully completing the acquisition of six UK IFA businesses and have a strong pipeline for future UK acquisitions. 

“I would like to welcome our six recently acquired businesses to the Kingswood Group and wish them every success with us moving forwards.”

The group said AUM grew by £2.2bn to £7.21bn in H1 2022, largely driven by inorganic growth and positive net flows.

Lawrence said: “Whilst the business continues to build momentum through 2022, revenue and operating profit have been impacted by unfavourable market conditions, mainly from lower than expected capital market activity in the US. 

“Despite this, our business continues to grow organically in both the UK and US and our acquisition strategy continues to progress as planned.” 

He added: “Whilst the external environment is less certain in the short-term, the strategy and trajectory of the business continues as planned.  

“We have a strong leadership team that is driving tangible results and realising our ambition to become a leading fully integrated international wealth and investment management business and I would like to thank all colleagues and stakeholders for their effort, focus and commitment.”

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