Kingswood Holdings Ltd on Wednesday said it has bought Lincolnshire-based advisory firm Vincent & Co Ltd, as it looks ahead to eight further potential acquisitions.

Shares in Kingswood, a London-based wealth & investment management company, were down 7.3% to 24.10 pence each in London on Wednesday morning.

In May, Kingswood announced the proposed acquisition of Vincent & Co. The firm said it would pay up to £421,000 in cash, payable over a two-year period. Of this, Kingswood would pay £211,000 on completion of the deal and the remainder on a deferred basis.

Following the acquisition, Kingswood said now has about £7.0 billion under advice or management, compared to £7.2 billion on February 21.

Looking forward, the company said: ‘During 2022 we will continue to focus on our acquisition activity. We have a strong pipeline of activity, with eight potential acquisitions in exclusive due diligence.’

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