He will also join the board of Kingswood as a director.

David Hudd, chairman, said: “I am delighted to confirm on behalf of the Kingswood board Peter’s appointment as the permanent CEO of Kingswood. He came with strong credentials and has built positive momentum since joining the Group in July 2024.”

Coleman said: “I have thoroughly enjoyed my time with Kingswood so far and we have made strong progress in the last 6-months. Kingswood is a great business with a solid client base, and I am really excited about our potential to continue to grow through putting our clients first with our excellent team of wealth planners, our investment credentials and the support of our skilled and hardworking colleagues.”

His current directorships are listed as :

AIM Independent Limited
AIM Wealth Holdings Limited
Allotts Financial Services Ltd
Barry Fleming sand Partners (Tax, Trusts and Investment Planning) Limited
Casson Beckman Wealth Management Limited
EIM Nominees Limited
Eurosure Limited
KW Investment Management Limited
KW Wealth Planning Limited
IBOSS Asset Management Limited
Iboss Limited
Joseph R. Lamb Independent Financial Advisers Limited
Novus Financial Services Limited
Regency Investment Services Limited
Sterling Trust Financial Consulting Limited
Sterling Trust Professional Limited
Vincent & Co Financial Ltd
Youth Adventure Trading Limited
Youth Adventure Trust
Xcap Nominees Limited

A previous directorships held in the past 5 years was with P B Coleman Services Limited.

The  international wealth and investment management group said UK & Ireland (UK&I) Assets under Advice (AUA) at the period end were £6.0bn benefiting from the acquisition of BasePlan completed in February 2024.

UK&I assets under management (AUM) at the period end were £3.7bn while US AUA was £3.2bn.

The AIM-listed company also revealed that the statutory loss before tax for the period was £5.9m, an improvement of £3.9m against the restated comparable period last year (H1’23: loss before tax of £9.7m).

Group Revenue from continuing operations in the period was £40.6m, an increase of 14% on the restated prior year (H1’23: £35.6m).

UK&I revenue increased by £0.3m to £23.4m, or 1%, compared to the restated period last year, of which 81% is recurring in nature.

US revenue increased by £4.8m to £17.2m, a 38% rise compared to the restated period last year, driven by growth in authorised representatives.

H1 2024 group operating profit from continuing operations increased to £6.1m, a £1.1m or 21% increase compared to restated H1 2023, reflecting the benefit of acquisitions in the current period.

As previously announced at the time of the group’s final results on 28 June 2024, the sale of US subsidiary Benchmark Investments, LLC (BMI), that was completed on 9 November 2023, qualified as a discontinued operation. As a result, BMI’s financial results for 2022 and 2023 were reclassified and reported separately from continuing operations in the Group annual financial statements for 31 December 2023, Kingswood said.

To ensure and provide a consistent and comparable view of the group’s financial performance, the H1 2023 financial results have been similarly restated to reflect BMI as a discontinued operation. As such, BMI’s H1 2023 revenues, expenses, assets, and liabilities have been reclassified to discontinued operations.

For H1 2023, BMI generated £27m in revenue and had an operating and net loss before tax of £0.1m and £0.2m respectively. The full impact of this restatement is detailed in the Group’s interim consolidated financial statements below. No items have been presented as discontinued in H1 2024.

Peter Coleman (pictured), Kingswood chief executive officer, said: “I am pleased to share our interim financial results for the 6 month period to 30 June 2024. I am particularly pleased with our strong revenue growth and in particular the growth in recurring revenues, demonstrating that our acquisitions are beginning to mature.

“Quite rightly our focus is on providing a first-class experience to all of our clients, with the use of our excellent advice community, technology and range of award investment propositions. In particular I am pleased with the ongoing development of our IBOSS range of model portfolios and our in-house DFM both of which continue to flourish within the group.

“Our operating profit continues to grow, enabling our continued investment in people, propositions and processes all focussed on delivering a market-leading proposition for our clients. In UK&I we continue to be acquisitive with the addition of BasePlan, and we will continue to identify opportunities that enhance our growing business in this market.

“In the US we continue to expand with the momentum of advisor recruitment and banking growing exponentially.”

The AIM-listed UK company said in a statement on 15 August that the repayment date agreed is the earlier of 29 October 2030 or date of an exit or partial exit with an interest rate of 12%, paid at maturity.

Kingswood will enter into the additional facility agreement with an affiliate of private equity firm HSQ Investment Limited.

This latest debt raising follows a similar £8m funding agreement in February.

After acquiring over 20 firms in the financial services space, in July this year David Lawrence, the CEO, exited after overseeing much of the expansion.

He has been replaced by ex-Positive Solutions CEO and Chartered Accountant Peter Coleman as interim CEO, subject to FCA approval.

A search is under way for a permanent replacement.

Coleman will also join the board, subject to FCA regulatory approval, while a process to appoint a permanent CEO will commence shortly.

The statement did not give a reason for the sudden departure of David Lawrence (pictured), who joined the group in December 2020.

However, the AIM-listed company highlighted that during Lawrence’s tenure, the business had experienced its most transformative time, acquiring over 20 businesses, with the team growing to around 400 colleagues and the group achieving double digit levels of annual growth.

Coleman is an FCA (Fellow Chartered Accountant) and has a vast amount of experience across a range of executive leadership roles, including as CEO, CCO and CFO, and in particular extensive industry experience from his time at Succession Wealth and Wealth Wizards and as CEO of national IFA Positive Solutions.

David Hudd, chairman, said: “On behalf of the Board, I would like to thank David Lawrence for his outstanding contribution to Kingswood’s success and to congratulate Peter Coleman on his new role. Peter comes with strong credentials and I am sure he will bring much energy to an already strong business.”

Lawrence said: “The last four years have been a transformative period for Kingswood. It is now a highly professional business with equally strong investment management credentials, and with the support of our primary investors, Pollen Street Capital has made and integrated over 20 acquisitions with AuA/M now approaching £10bn.

“We would not have achieved any of this without the unstinting commitment of all of our colleagues, our investors and our board, whose support during my tenure I am deeply thankful for.”

Coleman said: “I’m delighted to join Kingswood at this exciting time for the business. Kingswood has grown rapidly and has solid foundations, and I look forward to continuing the work to deliver a first class service to our clients and wealth planners through operational excellence.”