Wealth and investment management group Kingswood has bought Essex-based Joseph R Lamb Independent Financial Advisers in a deal worth up to £15.3m.

Kingswood will pay £7.65m of the deal price at the time of closing. The remainder will be paid by the company on a deferred basis over a two-year period, subject to certain pre-agreed performance targets, reported FT Adviser.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Founded in 1970, the acquired entity offers financial advice to over 1930 active clients, primarily based in Essex.

The firm adds assets under advisement (AuA) of approximately £393m as well as seven advisers and 18 support staff to Kingswood.

The deal, which marks Kingswood’s third acquisition this year, is part of its strategy to create a hub in Essex and help it increase funds under management to £6.9bn.

Kingswood UK CEO David Lawrence said: “This acquisition creates a hub in Essex for Kingswood from which to grow and increases our footprint in the South which is strategically important to us.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Commenting on the deal, Joseph Lamb principal Martin Lamb added: “I am confident that Kingswood, as a leading advice business, have the team and culture to be able to do this and I am very excited about being able to deliver better outcomes for everybody. We have been impressed with the KW proposition, back office and systems and the depth of quality in their management team.”

Earlier this year, the company purchased financial advisory firm Allotts Financial Services and financial planning firm DC Cooke.

Last year, the firm acquired a number of firms, including Metnor Holdings, as well as Smythe and Walter.