Kingswood Holdings, the international, vertically integrated wealth and investment management group, is adding a further £6.0m debt facility to give it “the capital required in the short term to satisfy upcoming deferred payment obligations on previous acquisitions undertaken by the company”.
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He has been replaced by ex-Positive Solutions CEO and Chartered Accountant Peter Coleman as interim CEO, subject to FCA approval.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.