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Kingswood Holdings wealth and investment management group has completed the acquisition of Admiral Wealth Management Ltd, ac. closedhartered financial planning firm based in North East Lincolnshire.

Admiral provides independent financial advice to individuals and businesses primarily in Lincolnshire and Yorkshire.

The company currently has seven employees including two consultants who manage approximately £ 100 million in assets under management on behalf of approximately 600 active clients.

Admiral is being acquired for £ 4m in cash payable over two years. Upon completion of the acquisition, £ 2 million will be paid and the balance will be deferred.

The cash will be paid out of funds received by Kingswood in December 2020 from the issue of convertible preference shares under its subscription agreement for convertible preference shares with HSQ Investment Limited, a wholly-owned indirect subsidiary of the funds managed by Pollen Street Capital Ltd.

David Lawrence, Kingswood UK CEO, said: “I am very excited to announce the completion of our first acquisition under my leadership and look forward to welcoming Mike Biggin, Adam Harrison and the Admiral team to Kingswood.

“Admiral is a highly respected North Lincolnshire and Yorkshire financial advisory service provider who has consistently provided high quality customer service for over 30 years.

“We remain absolutely committed to our stated growth strategy within the UK and internationally.

“Although this is our first acquisition in 2021, as reflected in our end-of-year 2020 presentation in June, we continue to make good progress on additional acquisitions, eight of which are currently in exclusive negotiations as we expand our reach in financial planning and in the Further expand investment management. “.”

Mike Biggin, Director at Admiral Wealth Management added: “Our team at Admiral is very excited to be joining Kingswood.

“Our focus has always been on building long-term customer relationships and on high net worth individuals and companies.

“We have provided quality advice and service to our customers in Lincolnshire and beyond for over 30 years and believe that joining Kingswood can only improve what we do.

“We have always adhered to the highest professional standards and Kingswood seems a perfect fit to sustain and develop our business.”