Fast-growing wealth manager and Financial Planner firm Kingswood Group has completed its deal to acquire Berkshire-based Financial Planner Barry Fleming & Partners for £6.2m.
The deal was announced in mid-December and has just received regulatory approval.
Kingswood says it has three further acquisitions in the pipeline.
Barry Fleming & Partners is based in Newbury, Berks, and advises individuals, companies, trustees and charities. The firm has three advisers and six employees and was founded in 1975. It looks after more than 415 clients and has more than £140m in Assets Under Advice.
In the year ending 28 February 2022, Barry Fleming & Partners generated revenue of £1.4m and profit before tax of £190,000.
The business has been acquired for £6.2m in cash, payable over a two-year period, £3.1m paid on completion and the balance paid on a deferred basis subject to the achievement of pre-agreed performance targets.
The transactions boosts Kingswood’s global funds under advice or management to £11.3bn and the UK and Ireland total to over £9bn.
Barry Fleming, chairman of Barry Fleming & Partners, said: “We have spent time looking to work with a company that can take on our legacy, build on the success of Barry Fleming & Partners as well as understanding the depth of relationships and care we have with our clients.
“Kingswood’s ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing a valued service and excellent advice.”
Lisa Chantrey, managing director of Barry Fleming & Partners, said: “Kingswood will offer us the platform to grow and develop our legacy. The changing times of Financial Planning and regulation are burdensome for smaller companies and the move to work with Kingswood will help spread the load of regulation and administration. The team remains unchanged and the move will allow us to concentrate even more of our time on our clients – a central experience at Barry Fleming and Partners.”
David Lawrence, Kingswood Group CEO, said: “Barry Fleming & Partners has a deep rich history and has established itself as a reputable, dynamic and client centric business over the past 47 years. The depth of relationships with their clients is truly evident through their extensive reputation. Extending into Berkshire is a further acknowledgement of our desire to grow our footprint.
“Our growth strategy is important and we are strongly committed to supporting more clients. We have a further three acquisitions under exclusive due diligence that we expect to close in the coming months, plus additional transactions that are currently under negotiation.”
