The acquisition was first announced in May. 

The deal was completed after receiving regulatory approval.

Kingswood paid £211,000 on completion, with the balance to be paid on a deferred basis.

Kingswood currently has a further eight potential acquisition deals in exclusive due diligence.

Formerly privately-owned Vincent & Co is an independent financial adviser based near Market Rasen in Lincolnshire with £25m in assets under advice. It is run by Mark Vincent who provides advice to 130 clients in the Lincolnshire area.

Vincent & Co generated revenue of £135,000 last year and pre-tax profit of £83,000.

The deal takes Kingswood’s UK client facing advisory team to 90 people, with funds under advice or management of £7bn for 19,000 active clients.

David Lawrence, UK CEO at Kingswood, said: "Vincent & Co have been established for over 20 years and have built deep relationships with their clients and an ethos which matches ours at Kingswood. This is a great opportunity to make an acquisition that consolidates our presence in Lincolnshire.

"During 2022 we will continue to focus on our acquisition activity. We have a strong pipeline of activity, with four potential acquisitions in exclusive due diligence. Our near-term target is to build our UK AUA/M in excess of £10bn in the UK and £14bn globally."

The acquisition of Vincent & Co is the fifth for Kingswood so far this year.

The acquisition was funded from cash received by Kingswood from the issue of new convertible preference shares under the terms of its Convertible Preference Share subscription agreement with HSQ Investment, a subsidiary of funds managed and/or advised by private equity firm Pollen Street Capital which has so far provided equity of £77.4 million to Kingswood to support acquisitions.