International wealth manager Kingswood has acquired Rotherham-based Allotts Financial Services (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 customers primarily in South Yorkshire with approximately £140m ($189m, €168m) assets under advice.
Following regulatory approval, the business will be acquired for total cash consideration of up to £2.5m, payable over a two-year period.
Around £1.25m will be paid at closing, and the remaining balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.
Committed to UK and international growth
David Lawrence, UK chief executive at Kingswood, said: “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.”
This deal comes a week after Kingswood agreed to acquire the business assets of south Yorkshire-based DJ Cooke Financial Planning.
