A WEALTH and investment management group has announced its latest acquisition – Berkshire-based Barry Fleming & Partners.
Kingwood says if the deal obtains regulatory approval, it will help its ambition to grow as an international group that now manages funds of £11.3 billion.
Barry Fleming & Partners works from offices in Woodpsen in Newbury, and advises individuals, companies, trustees and charities. It has a total of six employees, and was founded in 1975.
It has more than 400 clients, and in the year ending February 28, it generated revenue of £1.4m, and pre-tax profits of £190,000.
The business will 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 is subject to the achievement of pre-agreed performance targets.
David Lawrence, Kingswood Group CEO, said: “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.
“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.”
He added: “Our growth strategy is important and we are strongly committed to supporting more clients. We have a further three acquisitions under exclusive due diligence that we expect to close in the coming months, plus additional transactions that are currently under negotiation.”
The deal was welcomed by Mr Fleming, who is the company’s chair.
“We have spent time looking to work with a company that can take on our legacy, build on the success of Barry Fleming & Partners as well as understanding the depth of relationships and care we have with our clients,” he said.
“Kingswood’s ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing a valued service and excellent advice.”
And Lisa Chantrey, managing director of Barry Fleming & Partners, said: “The whole team are incredibly excited to be working with Kingswood. Kingswood will offer us the platform to grow and develop our legacy.
“The changing times of financial planning and regulation are burdensome for smaller companies and the move to work with Kingswood will help spread the load of regulation and administration.
“The team remains unchanged and the move will allow us to concentrate even more of our time on our clients – a central experience at Barry Fleming and Partners.”
