Mergers and acquisitions  

Kingswood buys Berkshire-based IFA for £6.2mn

Kingswood buys Berkshire-based IFA for £6.2mn
David Lawrence, chief executive officer at Kingswood Group

Kingswood has bought Berkshire-based advice firm Barry Fleming & Partners for £6.2mn.

The purchase brings Kingswood’s UK and Ireland assets under management to more than £9bn and its global funds under management to £11.3bn.

Barry Fleming & Partners advises individuals, companies, trustees and charities on tax, trusts and investment planning and has a total of six employees with three advisers.

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The purchase, subject to regulatory approval, will be completed over two years and will see the consolidator acquire the firm’s 415 clients with more than £140mn in assets under management.

In the year ending February 2020 Barry Flemming & Partners generated £1.4mn in revenue and had a profit before tax of £190,000.

Barry Fleming, chair of Barry Fleming & Partners noted that “Kingswood's ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing a valued service and excellent advice”.

Adding to this, the firm’s managing director Lisa Chantrey said: "The whole team are incredibly excited to be working with Kingswood. Kingswood will offer us the platform to grow and develop our legacy.

"The changing times of financial planning and regulation are burdensome for smaller companies and the move to work with Kingswood will help spread the load of regulation and administration.

“The team remains unchanged and the move will allow us to concentrate even more of our time on our clients - a central experience at Barry Fleming and Partners."

Commenting on the purchase, Kingswood Group chief executive David Lawrence said the depth of relationships Flemming has with its partners is “truly evident” through its “extensive reputation”.

He added: “Extending into Berkshire is a further acknowledgement of our desire to grow our footprint.”

Earlier this month, Kingswood purchased Cheshire-based adviser JFP Financial Services for a sum of £12.4mn, on the same day it also announced the purchase of JCH Investment Management.

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 variety 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.

Kingswood has said it has a further three acquisitions that it plans to close in the coming months.

jane.matthews@ft.com