Financial advisory firm, Admiral Wealth Management Limited, has announced that it has been acquired by Kingswood Holdings for a cash consideration of £4m.
Admiral provides independent financial advice to individuals and corporations primarily in Lincolnshire and Yorkshire. It currently employs seven people, including two advisers who will move over to the group.
The firm was founded over 30 years by Peter and Carol Waller and Mike Biggin. Alongside senior consultant Adam Harrison, Biggin will lead the business forward as part of the Kingswood group.
On completion, the acquisition will be funded by the issuing of new convertible preference shares.
David Lawrence, UK CEO at Kingswood, said: “I am thrilled to announce our first acquisition under my leadership and look forward to welcoming Mike Biggin, Adam Harrison, and the Admiral team to Kingswood.
“Whilst this is our first acquisition of 2021, we have a strong pipeline of high-quality UK opportunities under negotiation, four of which are in exclusive due diligence representing pro-forma operating profit in excess of £2.5m as we continue to grow our financial planning and investment management reach across the UK.”