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Kingswood Holdings Limited

Kingswood Holdings to acquire Marchant McKechnie for £4mln

East Yorkshire-based Marchant McKechnie provides pensions, investments, and tax planning services

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Kingswood has changed its name from European Wealth

Kingswood Holdings PLC (LON:KWG) has made its first acquisition since its rebranding by agreeing to buy Marchant McKechnie Independent Financial Advisers Ltd for £4mln.

The deal is expected to be immediately earnings enhancing.

East-Yorkshire Marchant McKechnie provides pensions, investments, and tax planning services. The business generated underlying earnings (EBITDA) of £855,000 last year.

Following the acquisition, Kingswood will have assets under administration of £2bn, 20 financial advisors and more than 4,000 active clients.

"Marchant McKechnie is a strong addition to the group as we look to build a new national brand in the UK wealth market. Marchant McKechnie shares our commitment to delivering high levels of customer service to clients over the long-term,” Ismail said.

"The UK wealth market is excessively fragmented, and we believe that there is a substantial market opportunity to build a national brand for quality, independent wealth planning advice and investment management.”

Kingswood changed its name from European Wealth in September.

 

Quick facts: Kingswood Holdings Limited

Price: £0.10

Market: LSE
Market Cap: £21.26 m
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