LONDON, UK: Kingswood Holdings (AIM: KWG) has acquired JFP Holdings Limited, the holding company of JFP Financial Services Limited (JFP), a leading financial advisory firm based in Macclesfield, Cheshire.
Our growth strategy is important and we are strongly committed to supporting more clients. We have a further four acquisitions under exclusive due diligence that we expect to close in the coming months, plus a number of additional transactions that are currently under negotiation.”
Established over 40 years ago, JFP Holdings services clients predominantly across Cheshire, Derbyshire and Staffordshire. The team have built long lasting relationships with not only individuals but also medical professionals, businesses and their employees. JFP Holdings manages £360m of client assets across 1,295 clients.
In the year ending 31 March 2022, JFP generated revenue of £2.5m and profit before tax of £1.5m. JFP Holdings will be acquired for total cash consideration of up to £12.4m, payable over a two-year period, £7.44m of which will be paid upon receipt of regulatory approval and the balance paid on a deferred basis which is subject to the achievement of pre-agreed performance targets.
David Lawrence, Kingswood Group CEO, commented: “The acquisition of JFP Holdings will expand our geographical footprint into the Northwest region and an affluent South Manchester area. JFP Holdings are a high-quality business that has operated with its affiliate Josolyne & Co, a leading chartered accountancy practice, for many years. Led by Andy Heywood, JFP Holdings have a long track record of delivering an exceptional level of service and strong client relationships over many years, and I am delighted to welcome them to the Kingswood Group.
Andrew Heywood, Director of JFP commented: “We are delighted to be joining Kingswood. Throughout the sales process there were a number of important factors that influenced our decision, but the over-riding requirement was for us to have an excellent matching of cultures with any firm looking to acquire us. The cultural fit between our two firms was evident from our first meeting with David Lawrence and has been confirmed throughout our dealings with David and his team. We are looking forward to working within the Kingswood Group which we know will be a great home for our staff and clients.”