Kingswood acquires UK tax and trusts adviser for £6.2m

Kingswood Holdings has bought UK adviser firm Barry Fleming and Partners (BFP) for £6.2m in its latest acquisition deal.

Berkshire-based BFP specialises in tax, trusts and investment planning and advises individuals, companies, trustees and charities. The team has three advisers and a total of six employees.

Founded in 1975, BFP has more than 415 clients with about £140m in assets under administration (AUA).

In the year ending 28 February 2022, BFP generated revenue of £1.4m and profit before tax of £190,000.

Kingswood said the business would be acquired for total cash consideration of up to £6.2m, payable over a two-year period, with "£3.1m paid on completion and the balance paid on a deferred basis which is subject to the achievement of pre-agreed performance targets".

Kingswood Group chief executive David Lawrence said: "BFP 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.

"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."

BFP chairman Barry Fleming said: "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. 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."

BFP managing director Lisa Chantrey added: "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."