Wealth and investment management group Kingswood has announced the acquisition of Barry Fleming and Partners.
Founded in 1975, Barry Fleming & Partners advises individuals, companies, trustees, and charities. In addition, the company looks after 415 clients with over £140m ($172.7m) AuA. The firm will be acquired for total cash consideration of up to £6.2m, payable over two years.
David Lawrence, Kingswood Group CEO, commented: “Barry Fleming & Partners has a deep rich history and has established itself as a reputable, dynamic and client centric business over the past 47 years. The depth of relationships with their clients is truly evident through their extensive reputation. Extending into Berkshire is a further acknowledgement of our desire to grow our footprint.
“Our growth strategy is important and we are strongly committed to supporting more clients. We have a further three acquisitions under exclusive due diligence that we expect to close in the coming months, plus additional transactions that are currently under negotiation.”
Barry Fleming, chairman of Barry Fleming & Partners, continued: “We have spent time looking to work with a company that can take on our legacy, build on the success of Barry Fleming & Partners as well as understanding the depth of relationships and care we have with our clients. Kingswood’s ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing a valued service and excellent advice.”
Lisa Chantrey, managing director of Barry Fleming & Partners, added: “The whole team are incredibly excited to be working with Kingswood. Kingswood will offer us the platform to grow and develop our legacy. The changing times of financial planning and regulation are burdensome for smaller companies and the move to work with Kingswood will help spread the load of regulation and administration. The team remains unchanged and the move will allow us to concentrate even more of our time on our clients – a central experience at Barry Fleming and Partners.”
The deal is subject to regulatory approval.