Kingswood buys Lincolnshire IFA for £421,000

Kingswood will pay up to £421,000 over a two-year period with £211,000 paid on completion of the deal and the balance on a deferred basis.

The deal is Kingswood’s fifth acquisition this year.

Privately-owned Vincent & Co is an independent financial adviser based near Market Rasen in Lincolnshire with £25m in Assets Under Advice. It is run by Mark Vincent who provides financial advice to over 130 clients in the Lincolnshire area. 

Vincent & Co generated revenue of £135,000 last year and pre-tax profit of £83,000.

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The acquisition is subject to regulatory approval.

David Lawrence, UK CEO at Kingswood,  said: “I’m delighted to announce the acquisition of Vincent & Co, our fifth acquisition this year. Vincent & Co have been established for over 20 years and have built deep relationships with their clients and an ethos which matches ours at Kingswood. This is a great opportunity to make an acquisition that consolidates our presence in Lincolnshire.

“During 2022 we will continue to focus on our acquisition activity. We have a strong pipeline of activity, with four potential acquisitions in exclusive due diligence. Our near-term target is to build our UK AUA/M in excess of £10bn in the UK and £14bn globally.”

The acquisition will be funded from cash received by Kingswood from the issue of new convertible preference shares under the terms of its Convertible Preference Share subscription agreement with HSQ Investment, a subsidiary of funds managed and/or advised by private equity firm Pollen Street Capital which has so far provided equity of £77.4 million to Kingswood to support acquisitions.

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