Kingswood acquires £115m AUA firm for £3.4m

The Redcar-based advice firm has three advisers and 10 support stuff. They look after around 600 clients with a collective assets under advice of £115m.  The advice firm made a pre-tax profit of £425,000 in 2020/21 with net assets of £499,000 at that year-end. Kingswood said half of the fee (£1.7m) will be paid upon completed of the deal and the rest will be paid on a deferred basis, some of which is dependent on performance-based targets. The acquisition is subject to regulatory approval.  Money Matters principals Alastair Raine and Chris Woodhams said: "We spoke to many firms wit...