Kingswood Holdings Limited, the international, fully integrated wealth and investment management group, has acquired Allotts Financial Services Limited (AFS).
AFS is a long established financial advisory firm based in Rotherham and serves clients primarily in South Yorkshire.
David Lawrence, UK CEO at Kingswood, said: “I am delighted to be welcoming the AFS team to Kingswood. Allott’s has a great reputation for serving clients over many years and is a great addition to Kingswood’s existing footprint in the wider Sheffield region. After this acquisition is concluded we will have 13 advisers meeting their client financial advice and investment needs.
“We remain committed to perpetuating our stated growth strategy within the UK and internationally. This is our second acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, five of which are in exclusive due diligence as we continue to grow our financial planning and investment management reach across the UK.”
Set up in 1998, AFS provides independent financial advice to over 400 active clients and currently employs three advisers, with five support staff. In the year ended 31 March 2021, AFS generated revenue of £791k and profit before tax of £355k.
Following regulatory approval, the business will be acquired for total cash consideration of up to £2.5m, payable over a two year period, £1.25m 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.
Neil Highfield, speaking on behalf of AFS, said: “I feel this is an important and positive step forward for Allotts Financial Services. Kingswood share our own values & beliefs around providing an excellent service to clients and they will hugely benefit from their large support network and expertise in the financial services industry.”
