Consolidator Kingswood has completed its acquisition of WFI Financial with a deferred payment of £3.5m for the planning business.
A note to the stock exchange today (24 October) said performance targets required to meet the second deferred payment had been met meaning the deal originally announced in October 2019 was now complete. Kingswood Holdings said a portion of the cash proceeds from the issue of new convertible preference shares on December 31 2020 were used to make the payment. The 2019 deal saw Kingswood acquire Sheffield-based financial planning business WFI Financial for £14m. WFI has offices in Derby, Lincoln and Grimsby. It has AUM/AUA of more than £550m across 970 clients and has 37 partners and em...
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