26th Oct 2018 10:03
LONDON (Alliance News) - Kingswood Holdings Ltd said Friday that the Financial Conduct Authority approved its proposed acquisition of Marchant McKechnie Independent Financial Advisers Ltd, rendering it complete.
At the beginning of October, the wealth management company which trades as KW Wealth, said it intended to acquire Marchant for GBP4 million.
Marchant McKechnie offers a wide range of services to its 700 clients, including personal and company pensions, investments, and tax planning.
Kingswood said that the payable consideration comprises of an initial cash payment of GBP1.6 million with a deferred sum of up to GBP2.4 million, subject to certain revenue metrics being achieved over the next two years.
Kingswood shares were untraded at 17.00 pence each on Friday.
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