Tuesday, February 1, 2022

News: Allotts accountants acquired


Rotherham accountancy firm, Allotts, has been acquired by Kingswood, an international fully integrated wealth management group.

Set up in 1998, Allotts Financial Services Limited provides independent financial advice to over 400 active clients and currently employs three advisers, with five support staff covering clients primarily in South Yorkshire.

Listed on the London Stock Exchange, Kingswood Holdings Limited is registered in London and services circa 15,900 clients from a growing network of offices in the UK.

Following regulatory approval, the business will be acquired for total cash consideration of up to £2.5m, payable over a two year period, £1.25m will be paid at closing and the balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets. Funding is set to come from a recent share issue.

In the year ended 31 March 2021, Allotts, which is based in Moorgate, generated revenue of £791k and profit before tax of £355k.

The transaction boosts Kingswood's UK client facing advisory team to 83 people and increases UK funds under advice/management to £6.5bn billion from circa 16,640 active clients.

David Lawrence, UK CEO at Kingswood, commented: "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."

Neil Highfield, speaking on behalf of AFS commented: "I feel this is an important and positive step forward for Allotts Financial Services. Kingswood share our own values & beliefs around providing an excellent service to clients and they will hugely benefit from their large support network and expertise in the financial services industry."

Allotts website
Kingswood website

Images: Google Maps


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