Kingswood has agreed to buy Surrey-based IFA firm Regency Investment Services.
Regency provides independent financial advice to individuals primarily in the greater London area and currently employs 12 people, including 6 IFAs managing £320m assets under management on behalf of around 1,000 clients.
Dominique Vinecombe, Regency owner, will stay with the firm after the deal is completed.
Finances
After receiving regulatory approval, the business will be acquired for cash consideration of £3.45m ($4.48m, €3.78m), payable over a three-year period.
Some £1.38m will be paid at closing and the balance paid on a deferred basis, subject to Regency meeting pre-agreed recurring revenue and performance hurdles over the period.
An additional deferred payment of maximum £1.2m is potentially payable at the end of the three-year period, subject to performance-related targets.
Gary Wilder, group chief executive at Kingswood, said: “We have a robust pipeline of further acquisition opportunities in the UK and US that we are reviewing; and negotiating exclusively with three transactions in the UK.”
