Kingswood Holdings acquires Berkshire-based Barry Fleming

Wealth and investment manager Kingswood Holdings announced the acquisition of Barry Fleming and Partners, based in Berkshire, on Thursday.

The AIM-traded firm said the acquisition remained subject to regulatory approval.

It said it would satisfy the consideration through its funding facility, as announced on 17 October.

Barry Fleming & Partners advises individuals, companies, trustees and charities, with three advisers and a total of six employees, the board said.

Founded in 1975, the company looks after more than 415 clients with over £140m in assets under administration.

In the year ended 28 February, Barry Fleming & Partners generated revenue of £1.4m and profit before tax of £0.19m.

The business would be acquired for total cash consideration of up to £6.2m, payable over a two-year period, £3.1m paid on completion, and the balance paid on a deferred basis which would be subject to the achievement of pre-agreed performance targets.

“Barry Fleming & Partners has a deep rich history and has established itself as a reputable, dynamic and client centric business over the past 47 years,” said chief executive officer David Lawrence.

“The depth of relationships with their clients is truly evident through their extensive reputation.

“Extending into Berkshire is a further acknowledgement of our desire to grow our footprint.”

At 0826 GMT, shares in Kingswood Holdings were down 1.05% at 22.66p.

Reporting by Josh White for Sharecast.com.