Kingswood buys Cheshire-based IFA for £12.4mn

Kingswood buys Cheshire-based IFA for £12.4mn
David Lawrence, chief executive officer at Kingswood Group,

Kingswood has purchased Cheshire-based adviser JFP Financial Services for a sum of £12.4mn.

The consolidator has bought JFP Holdings which is the holding company of JFP Financial Services. 

JFP manages £360mn across 1,295 clients in Cheshire, Derbyshire and Staffordshire, and in the year to March, it generated pre-tax profits of £1.5mn.

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The company will be acquired for a total of £12.4mn, paid over a two-year period, £7.44mn of which will be paid on receipt of regulatory approval and the rest subject to certain performance targets.

Chief executive officer at Kingswood Group, David Lawrence, said the acquisition expands the company’s footprint in the northwest region.

“Led by Andy Heywood, JFP Holdings have a long track record of delivering an exceptional level of service and strong client relationships over many years, and I am delighted to welcome them to the Kingswood Group," he said.

Lawrence added that the company has a further four acquisitions it expects to close in the coming months. 

“Our growth strategy is important and we are strongly committed to supporting more clients," he said.

Kingswood’s assets under advice now total £10.9bn.

The company also announced today that its acquisition of JCH Investment Management has completed after receiving regulatory approval. 

Earlier this month, Kingswood entered the Scottish market with the purchase of Glasgow-based Strategic Asset Managers for £5.1mn.

In September, Kingswood said it would enter the Irish advice market with its purchase of Dublin-based financial planning firm Moloney Investments, which added €700mn (£635mn) in assets under advice to its books.

Around the same time, the firm had signed heads of terms or was in exclusive discussions with a further eight UK and Ireland businesses.

So far in 2022, Kingswood has already bought a raft of firms: Buckinghamshire-based Employee Benefit Solutions, 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.