Kingswood Holdings has purchased financial advisory firm Allotts Financial Services (AFS), which is headquartered in Rotherham.
The value of the cash deal is up to £2.5m, which will be paid over two years.
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Of this period, £1.25m will be paid at closing while the remainder will be paid on a deferred basis based on certain performance targets.
Kingswood will finance the deal using funds secured from the issue of new convertible preference shares.
Neil Highfield, on behalf of AFS said: “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.”
The acquired entity was established in 1998 and caters to clients mainly in South Yorkshire with nearly £140m AUA.
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By GlobalDataIt has three advisers, with five support staff, and has over 400 active clients.
Kingswood UK CEO David Lawrence said: 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.”
The latest deal continues Kingswood’s consolidation activities. The firm acquired several firms last year, the latest including Metnor Holdings, as well as Smythe and Walter.
