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Kingswood Holdings to Acquire UK Financial Advisor Vincent and Co.

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Vincent

MANews-(C)2009-2022

UK-based investment management group Kingswood Holdings Ltd. (AIM: KWG) has exchanged on the acquisition of UK-based independent financial adviser firm Vincent and Co Ltd, the group said.

The acquisition is subject to regulatory approval.

Vincent and Co have been established for over 20 years.

Vincent and Co, ran by Mark Vincent, provides financial advice to over 130 clients in the Lincolnshire area.

They hold GBP 25m AuA and in the year ending 31 October 2021 generated revenue of GBP 135k, and profit before tax of GBP 83k.

Following regulatory approval, the business will be acquired for total cash consideration of up to GBP 421k, payable over a two-year period, GBP 211k will be paid upon completion of the transaction and the balance paid on a deferred basis.

The acquisition will be funded from cash received by Kingswood from the issue of new convertible preference shares, under the terms of its convertible preference share subscription agreement with HSQ Investment Ltd a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital Ltd.

Kingswood's partnership with Pollen Street has provided growth equity of 77.4m to support...

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