Wealth management group Kingswood Holdings has bought an Oxfordshire based financial advice firm for £3.3m.
Kingswood acquired the books of Thomas & Co Financial Services for an initial cash payment of £1.5m, with a further deferred sum of £1.8m subject to revenue and profitability over a three-year period.
Based in Abingdon, Oxfordshire, Thomas & Co offers personal and company pensions, investments, and tax planning services to clients and generated a £0.46m pre-tax profit in 2017.
The advice firm has £150m of assets under advice and its principals and staff will join Kingswood, while continuing to operate from their existing office in Abingdon.
The deal follows Kingswood's acquisition of IFA firm Marchant McKechnie in October 2018 and was part of the group's strategy to become a "nationally recognised" brand.
Kingswood now has more than 4,500 active clients, and assets under management and advice of £1.9bn, with the acquisition building on the firm's existing offices in London, Manchester, Cheltenham, Maidstone, Worcester and Beverley.
Gary Wilder, group chief executive at Kingswood, said: "Our strategy remains firmly focused on seeking opportunities, domestically and internationally, to drive growth in revenue and assets under management and advice, through acquisition and by attracting best in class wealth and investment talent to the Kingswood platform.
"We have a strong pipeline of opportunities we are currently evaluating. Access to products such as our enhanced Managed Portfolio Service, which we have also announced today, as well as the rigour and discipline of our investment process, makes us an attractive partner to firms such as Thomas & Co.
"I want to welcome the excellent team at Thomas & Co to Kingswood, and we look forward to working with them.”
Joe Berry, founder and principal of Thomas & Co, said: "Kingswood is a very similar firm to us, with a strong commitment to protecting client’s wealth and providing first-class advice, with the emphasis on face-to-face personal service.
"They also give us access to an array of innovative investment products and services beyond those readily available to our private clients."