Kingswood makes double acquisition with purchases of AFS and DJ Cooke

Kingswood Holdings has made a double acquisition of a South Yorkshire- based IFA, DJ Cooke Financial Planning, and a Rotherham-based adviser, Allotts Financial Services (AFS). The combined deals bring Kingswood’s assets under management to £6.5bn across over 16,000 clients. 

The DJ Cooke deal is worth £1.5m, adding 340 clients with around £70m in assets under management. The firm is headed up by David Cooke and specialises in retirement and investment planning. 

Mr Cooke said: “I am very excited to join the Kingswood group. I feel they share my values, will provide excellent client service and equally importantly will offer continuity for my colleagues and clients.  

“This will make client transition as smooth as possible and enable me to continue to oversee my clients’ best interests for the future.

Kingswood purchased AFS for £2.5m, adding £140m in assets under management and over 400 active clients.

David Lawrence, UK chief executive officer at Kingswood, said: “I am delighted to be welcoming the AFS team to Kingswood. Allotts 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’s financial advice and investment needs.”

The deals were funded by Pollen Street Capital, which made an £80m commitment to Kingswood to assist its external growth. Recently, an issue of shares released £3m to fund Kingswood’s acquisitions

Group chief executive officer of Kingswood, Gary Wilder, said: “2021 was a transitional year for Kingswood, delivering record levels of revenue and profit for the group. We have a strong, well-capitalised balance sheet and with the support of Pollen Street Capital have continued our successful buy, build, grow and integrate strategy in the UK led by our UK CEO David Lawrence and our organic recruitment and partnership growth strategy in the US led by our US CEO Mike Nessim. 

“Kingswood remains focused on building its long-term value strategy, centred around vertical complementary growth business lines in the international independent retail wealth and investment management sectors and has both the balance sheet strength and outstanding people to deliver this.”

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