The parent company of wealth management and Financial Planning firm Kingswood spent over £500,000 with companies owned by its directors in 2018/19.
Kingswood Holdings released information on related party transactions on New Years Eve.
The firm entered into a number of transactions with Moor Park Capital Partners LLP, Kingswood LLP and KPI (Nominees) Ltd in 2018 and 2019. The transactions came to a total of £514,414.
Gary Wilder, group CEO of Kingswood Holdings, is the executive chairman of Moor Park.
Kingswood Holdings spent £167,428 on consultancy services with Moor Park in 2018.
Jonathan Massing, non-executive director of Kingswood Holdings, is the majority shareholder of Kingswood LLP and Mr Wilder is a member of the Kingswood LLP partnership.
Kingswood LLP provided accounting support and payroll-related services to Kingswood Holdings (2018 £25,038 and 2019 £90,894).
KPI Nominees is a significant shareholder in Kingswood Holdings and Jonathan Massing and Gary Wilder each have a beneficial shareholding in KPI Nominees.
Costs incurred also related to director fees for Mr Wilder and Mr Massing. These fees were £85,812 in 2018 and £125,000 in 2019.
Kingswood Holdings consulted with its nominated adviser finnCapp which ruled the terms of the transactions were fair and reasonable for Kingswood Holdings’ shareholders.