Kingswood Holdings Limited Kingswood announces acquisition of EBS (1458F)

TIDMKWG

RNS Number : 1458F

Kingswood Holdings Limited

03 November 2022

Kingswood Holdings Limited

("Kingswood" or the "Group")

Following the announcement of the acquisition of JCH today, Kingswood Holdings Limited ("Kingswood") announces the acquisition and completion of Employee Benefit Solutions Ltd (EBS)

These transactions boost Kingswood's UK client facing advisory team to over 100 people and increases UK funds under advice/management to GBP8 billion

Kingswood Group assets under administration ("AuA") will total over GBP10 billion from a combination of both global retail and institutional clients matching our ambition to grow globally as an international integrated full service wealth and investment manager

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce it has exchanged and completed on the acquisition of EBS, a financial planning firm based in Buckinghamshire.

David Lawrence, UK CEO at Kingswood, commented: "I'm delighted by the ever expanding footprint of Kingswood into new counties, as well as announcing the acquisition of JCH today, the completion of EBS also takes us into a new county. For over 30 years, EBS have a long-established presence in Buckinghamshire. They have a simple aim; to make complicated financial matters as simple as possible to help clients meet their goals and make their life as easy as possible. This mirrors what we strive for at Kingswood.

"We have a strong pipeline of activity, with a further five potential acquisitions in exclusive due diligence. Our near-term target is to build our UK AUA/M in excess of GBP10bn in the U.K. and GBP14bn globally."

About EBS

EBS offers a wide range of financial planning services including; retirement planning, savings and investment advice, protection, and inheritance tax planning. With three lead advisers and seven colleagues in total, EBS hold over GBP135m AUA. In the year ending March 2022 EBS generated revenue of GBP1.56m and profit before tax of GBP806k.

The business will be acquired for total cash consideration of up to GBP5.08m, payable over a five-year period. GBP2.75m will be paid at closing and the balance paid on a deferred basis.

Miles Burr, Director at EBS commented : "We are delighted to be joining Kingswood. We have invested a huge amount of time in carefully investigating our options for a possible sale, looking to find the most suitable 'partner' that would enable us to take our business forward in a way that benefits our clients and staff. Kingswood, as a leading advice and wealth management business, have the team, culture and resources to enable us to do this.

"We have been very impressed with Kingswood's proposition, their systems and senior management. They are a great fit for EBS and we firmly believe we will be able to achieve our ambition of delivering the best possible long-term outcomes for our business, staff and, most importantly, our clients."

Consideration

Kingswood will satisfy the consideration due to the shareholders of EBS through a draw down of its new funding facility, as announced on 17 October 2022.

For further details, please contact:

 
   Kingswood Holdings Limited                +44 (0)20 7293 0730 
   David Lawrence                            www.kingswood-group.com 
   finnCap Ltd (Nomad & Broker)             +44 (0)20 7220 0500 
   Simon Hicks / Abigail Kelly 
   GreenTarget (for Kingswood media)        +44 (0)20 7324 5498 
    Jamie Brownlee / Alice Gasson / Ellie    Jamie.Brownlee@greentarget.co.uk 
    Basle

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa GBP9.5bn billion of Assets under Advice and Management. It services circa 19,000 clients from a growing network of offices in the UK including Abingdon, Beverley, Conisbrough, Darlington, Derby, Eastleigh, Grimsby, Harrogate, Hull, Lincoln, London, Maidstone, Newcastle, Penn, Sheffield (2), Worcester and York with overseas offices in Johannesburg, South Africa and Atlanta, New York and San Diego in US.

Kingswood offers a range of trusted investment solutions to its clients, which range from private individuals to some of the UK's largest universities and institutions, including investment advice and management, personal and company pensions and wealth planning. Kingswood is focused on becoming a leading player in the wealth and investment management market through targeted acquisitions in the UK and US, creating a global business through strategic partnerships.

Registered office address: Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4LH

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQDDBDBLSGDGDD

(END) Dow Jones Newswires

November 03, 2022 03:00 ET (07:00 GMT)

Kingswood (LSE:KWG)
Historical Stock Chart
From Jan 2025 to Feb 2025