British wealth manager Kingswood has completed its acquisition North Lincolnshire-based chartered financial planning firm Admiral Wealth Management.
The £4m deal, which was announced by the company in June 2021, brings its total asset under administration (AuA) to over £6.2bn.
The company said it would now pay £2m of the purchase price as the acquisition is complete. The balance will be paid on a deferred basis.
Under the terms of the deal, Admiral has the option to request the deferred consideration be paid in either cash or in ordinary shares of Kingswood.
Admiral offers independent financial advice to individuals and corporates primarily in Lincolnshire and Yorkshire.
It currently has a team of seven employees, including two advisers managing around £100m AuA on behalf of about 600 active clients.
The acquisition marks the first deal under current Kingswood UK CEO David Lawrence, who joined the firm in December 2020.
Commenting on the development, Lawrence said: “Whilst this is our first acquisition of 2021, as reflected in our 2020 year end presentation in June we continue to make good progress on further acquisitions, eight of which are now in exclusive negotiation as we continue to grow our financial planning and investment management reach across the UK and internationally.”
Admiral Wealth management director Mike Biggin added: “Our team at Admiral are all delighted to be joining Kingswood. Our focus has always been to build long term client relationships, concentrating on high net worth individuals and businesses.
“We have provided high quality advice and service to clients in Lincolnshire and beyond for over 30 years and we believe that joining Kingswood can only enhance our proposition.”
Last November, Kingswood ramped up its US expansion strategy by wrapping up the deal to acquire a 50.1% controlling stake in Manhattan Harbor Capital.