Wealth and investment management group Kingswood Holdings Limited has agreed to acquire, subject to regulatory approval, Surrey-based independent financial adviser (IFA) business Regency Investment Services Limited.
Regency provides independent financial advice to individuals and corporates primarily in the Greater London area, and currently employs 12 people including 6 IFAs advising or managing £320m in assets on behalf of approximately 1,000 clients.
On receipt of regulatory approval, the business will be acquired for cash consideration of £3.45m, payable over a three-year period.
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An additional deferred payment of maximum £1.2m is potentially payable at the end of the three-year period.
In the twelve months to 31 January 2020 it delivered Earnings before interest, taxes, depreciation and amortisation (EBITDA) of £0.55m; as of 31 January 2020 it had total assets of £2.6m and net assets of £2.1m.
Gary Wilder, group CEO at Kingswood, said: “We look forward to welcoming Dominique Vinecombe and the Regency team to Kingswood.
“Dominique’s grandfather founded the business 55 years ago, and we are honoured she has entrusted us to carry on the legacy of outstanding customer service for which the business is renowned.
“Dominique will continue with the business and we look forward to working with her to grow and expand the services offered to clients.
“There is a major opportunity over time to migrate existing and new clients to Kingwood’s extensive and growing range of managed investment solutions on our DFM platform, underpinning the value of a fully integrated wealth and investment management business.
“We have a robust pipeline of further acquisition opportunities in the UK and US that we are reviewing; and negotiating exclusively with three transactions in the UK.”
Patrick Goulding, group CFO and platform CEO at Kingswood, said: “We are delighted Dominique will remain with Kingswood and continue to focus on delivering exceptional quality service to Regency’s client base.
“The Kingswood model is designed to free Dominique and other advisers to focus on their clients, and provide a centralised, efficient support infrastructure to manage the routine but time consuming tasks required across compliance, finance, human resources, risk and technology.”