Kingswood, the international wealth and investment management group, has agreed to acquire, subject to completion, the business assets of DJ Cooke Financial Planning Limited, an independent financial planning business servicing clients across South Yorkshire.
David Lawrence, UK CEO at Kingswood, said: “I am delighted to welcome David and the team at DJ Cooke Financial Planning Limited into Kingswood. This is our first acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, five of which are in the exclusive due diligence stage.”
DJ Cooke Limited is a long-established independent financial advice firm specialising in retirement and investment planning. David Cooke, CEO, is the sole adviser looking after c.340 client households with around £70m AuA. On an underlying basis for the 12 month period up to the end of December 2021, D J Cooke Limited generated unaudited revenue of approximately £474k and unaudited EBITDA of approximately £227k.
David Cooke, CEO of DJ Cooke Financial Planning Limited, said: “I am very excited to join the Kingswood group. I feel they share my values, will provide excellent client service and equally importantly will offer continuity for my colleagues and clients. This will make client transition as smooth as possible and enable me to continue to oversee my clients’ best interests for the future.”
The deal is worth up to £1.5m. £749k will be paid at closing and the balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.
