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Kingswood acquires Allotts Financial Services Limited

  • Kingswood announces the exchange of contracts for acquisition of Allotts Financial Services Limited (AFS)
  • AFS is a high quality, long established financial advisory firm based in Rotherham and serves clients covering primarily in South Yorkshire
  • The transaction boosts Kingswood’s UK client facing advisory team to 83 people and increases UK funds under advice/management to £6.5bn billion from circa 16,640 active clients.
  • Kingswood Group assets under administration (“AuA”) will total over £8.1bn from a combination of both global retail and institutional clients matching our ambition to grow globally as an international integrated full service wealth and investment management group

Kingswood Holdings Limited, the international, fully integrated wealth and investment management group, has exchanged and completed the acquisition of Allotts Financial Services Limited (“AFS”). AFS is a high quality, long established financial advisory firm based in Rotherham and serves clients covering primarily in South Yorkshire. 

David Lawrence (pictured), UK CEO at Kingswood, commented: “I am delighted to be welcoming the AFS team to Kingswood. Allott’s has a great reputation for serving clients over many years and is a great addition to Kingswood’s existing footprint in the wider Sheffield region. After this acquisition is concluded we will have 13 advisers meeting their client financial advice and investment needs.

“We remain committed to perpetuating our stated growth strategy within the UK and internationally. This is our second acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, five of which are in exclusive due diligence as we continue to grow our financial planning and investment management reach across the UK.”

About Allots Financial Services Limited (AFS)

Set up in 1998, AFS provides independent financial advice to over 400 active clients and currently employs three advisers, with five support staff covering clients primarily in South Yorkshire with approximately £140m AUA. In the year ended 31 March 2021, AFS generated revenue of £791k and profit before tax of £355k.

Following regulatory approval, the business will be acquired for total cash consideration of up to £2.5m, payable over a two year period, £1.25m will be paid at closing and the balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.

Neil Highfield, speaking on behalf of AFS commented: “I feel this is an important and positive step forward for Allotts Financial Services. Kingswood share our own values & beliefs around providing an excellent service to clients and they will hugely benefit from their large support network and expertise in the financial services industry.’’

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