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Kingswood acquires D.J. Cooke (Life & Pensions) Ltd.

Kingswood Holdings Limited (“Kingswood”) has today announced an agreement to acquire the business assets of D.J. Cooke (Life & Pensions) Limited based in Conisbrough, South Yorkshire. 

This increases UK funds under advice/management to £6.3bn billion from circa 16,240 active clients

Kingswood Group AuA now totals over £8bn 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 manager.

Kingswood Holdings Limited, the international, fully integrated wealth and investment management group, is pleased to announce that it has agreed to acquire, subject to completion, the business assets of DJ Cooke Financial Planning Limited, an independent financial planning business servicing clients across South Yorkshire.

David Lawrence, UK CEO at Kingswood, commented:

‘’I am delighted to welcome David and the team at DJ Cooke Financial Planning Limited into Kingswood.  This is our first acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, five of which are in the exclusive due diligence stage.’’

DJ Cooke Limited is a long-established independent financial advice firm specialising in retirement and investment planning.  David Cooke, CEO, is the sole adviser looking after c.340 client households with around £70m AuA.  On an underlying basis for the 12 month period up to the end of December 2021, D J Cooke Limited generated unaudited revenue of approximately £474k and unaudited EBITDA of approximately £227k.

David Cooke, CEO of DJ Cooke Financial Planning Limited, commented:

‘’I am very excited to join the Kingswood group. I feel they share my values, will provide excellent client service and equally importantly will offer continuity for my colleagues and clients.  This will make client transition as smooth as possible and enable me to continue to oversee my clients’ best interests for the future.’’

Consideration

Following completion, around £1.5m is payable over a 2 year period. £749k 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.

On completion, the acquisition will be funded from funds recently received by Kingswood from the issue of new convertible preference shares, under the terms of its Convertible Preference Share subscription agreement with HSQ INVESTMENT LIMITED, a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital Limited (“Pollen Street”). Kingswood’s partnership with Pollen Street grows in strength, and to date has provided growth equity of £77.4m to support existing and future acquisitions.

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