Kingswood Holdings is set to acquire Money Matters NorthEast (MMNE), a UK private wealth management business.
Upon completion, the investment manager will have a 69-strong client facing advisory team and a boosted funds under advice figure of £4.6 billion from over 8,000 clients. MMNE is an independent financial adviser firm based in Redcar, North Yorkshire.
Following regulatory approval, the business will be acquired for a total cash consideration of up to £3.4 million, payable over a two year period.
At closing, £1.7 million will be paid, while a portion of the price will be provided subject to the achievement of pre-agreed performance targets.
This is Kingswood’s second acquisition of 2021. In June, the firm announced it was acquiring Admiral Wealth Management for a sum of £4 million.
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