Wealth manager and Financial Planner Kingswood Holdings has bought Admiral Wealth Management, a North Lincolnshire-based Chartered Financial Planning firm, for £4m. 

Kingswood announced the deal earlier in the year but has now completed the deal for Admiral, which has £100m in Assets under Advice.

Kingswood says eight more acquisitions are in the pipeline as it gears up its expansion plans.

Kingswood says the deal boosts Kingswood's UK advisory team to 66 and increases UK funds under advice/management to £4.5bn and about 8,500 active clients.

The move will also help boost Kingswood’s presence in North Lincolnshire and Yorkshire.  

Admiral provides independent financial advice to individuals and corporates mainly in Lincolnshire and Yorkshire and employs 7 people, including 2 advisers. It manages £100m in funds for 600 clients. 

Kingswood, which is funded by private equity firm Pollen Street Capital, will acquire Admiral for £4m in cash, payable over a 2-year period.  Some £2m will be paid now with the balance paid on a deferred basis in cash or shares. 

David Lawrence, UK CEO at Kingswood, said: "I am thrilled 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 regarded provider of financial advisory services in North Lincolnshire and Yorkshire having consistently delivered a high-quality service to clients for over 30 years.

“We remain absolutely committed to our stated growth strategy within the UK and internationally. Whilst this is our first acquisition of 2021, as reflected in our 2020 year end presentation in June, we continue to make good progress on further acquisitions, 8 of which are now in exclusive negotiation as we continue to grow our Financial Planning and investment management reach across the UK and internationally."

Mike Biggin, director Admiral Wealth management, said: "Our team at Admiral are all delighted to be joining Kingswood. Our focus has always been to build long term client relationships, concentrating on high net worth individuals and businesses. 

“We have provided high quality advice and service to clients in Lincolnshire and beyond for over 30 years and we believe that joining Kingswood can only enhance our proposition."

Kingswood is a rapidly growing AIM-listed firm with UK and international interests, including advisory firms in South Africa and the US.