Revenues grow but losses mount further at Kingswood

Expands advisory team

Revenue grew by a third to £10m at Kingswood Holdings for the year ending 31 December 2019 but mounting administrative costs, amortisation and depreciation saw the firm's total losses reach £5.7m.

The losses come despite a year filled with acquisitions at the firm, including Oxfordshire financial advisory firm Thomas & Co Financial Services, Sheffield financial planner WFI Financial LLP and, as of 24 June, the North East-serving IFA, Sterling Trust, with a further three transactions "currently under exclusive due diligence". Kingswood Group plans foray into alternatives market Sterling Trust brings a further 48 employees to the firm, 22 of whom are financial advisers with £1.2bn asset under management and advice (AUMA) from over 5,000 clients. 2019 also saw the firm agree a ...