Craven Street Wealth established with the acquisition of Kreston Reeves Financial Planning and Christchurch Investment Management

05 May 2021

Craven Street Wealth Launched with 2 Acquisitions

2 March 2021

Craven Street Capital (CSC), the London based corporate finance business, is pleased to announce the launch of Craven Street Wealth, its wealth management business. As part of the launch of Craven Street Wealth, the firm has acquired Canterbury based Kreston Reeves Financial Planning and London based Christchurch Investment Management to create a wealth management and financial planning group with approximately £850 million of assets under management and advice.

Kreston Reeves Financial Planning (KRFP) has been a subsidiary of leading accounting firm Kreston Reeves for the last 20 years, having been established over 30 years ago. Under the terms of the acquisition, KRFP will continue to operate with the same branding under a brand licence for up to 2 years. All staff will continue in the business, offering the same successful client proposition to clients. In particular, the management team comprising David Hurst, Julia Parsons, Tom Barnett and Tim Maakestad will remain as directors of the business. KRFP and Kreston Reeves will form a joint venture to continue to offer financial planning services to shared clients. KRFP has 26 members of staff operating from offices in Canterbury, Horsham, Chatham, London and Sandwich.

Christchurch Investment Management has been developed by Managing Director, Anthony Walters, over the last 20 years. The business operates from offices in the City of London and provides financial planning and discretionary fund management services to clients. The 9 person team will remain with the business, which will continue to use the Christchurch Investment Management brand. Founder Anthony Walters and Director David Thornberry will remain on the board of the company.

Funding for the transactions is being provided by Shawbrook Bank, the leading challenger bank. Ashfords LLP advised CSC in respect of debt facilities and the acquisition of Kreston Reeves Financial Planning. RSW Law advised CSC in respect of the acquisition of Christchurch Investment Management. Soondra Appavoo, Matthew Ritchie and Donald Sinton of Craven Street Capital will join the boards of both KRFP and Christchurch Investment Management.

Soondra Appavoo, CEO of Craven Street Capital said, “We are delighted to have acquired Kreston Reeves Financial Planning and Christchurch Investment Management to create Craven Street Wealth. Both businesses are well established with a real focus on client outcomes. Kreston Reeves Financial Planning is a high quality Chartered Financial Planning firm with a strong reputation across the South East. Christchurch Investment Management has an excellent investment track record. We believe there are real opportunities for the two business to work together for the benefit of clients. We plan to work with the team to make further acquisitions over the next few years to create a substantial challenger in the financial planning and wealth management market.”

David Hurst, Managing Director of Kreston Reeves Financial Planning, said, “We are proud of the business which we have built over the last 30 years, which has rightly gained a strong reputation for client service and professional advice. We are excited to be working with the Craven Street Capital team who share our ambition of expanding the business to the benefit of clients and staff.”

Anthony Walters, Managing Director of Christchurch Investment Management, said, “We have a tried and tested investment approach which has delivered a strong track record over a sustained period. We believe that the combination of our business with Craven Street Capital and KRFP will create a group with shared ambitions and a real focus on client outcomes.”

About Craven Street Capital

Craven Street Capital is a corporate finance business which specialises in financial services, healthcare and cleantech. The business was formed in 2017 following the management buyout from its then parent company Punter Southall Group, the UK financial services business, who retain a small residual shareholding in the business. Following the buyout, Craven Street Capital is now majority employee-owned. Craven Street Capital is made up of an eight person team and provides advice on M&A, fundraising, IPOs, public takeovers and restructuring. Craven Street Capital has a particular experience in transactions in the wealth management and related areas.

Craven Street Wealth is a subsidiary of Craven Street Capital Holdings.

For more information: https://www.ftadviser.com/your-industry/2021/03/03/adviser-launches-with-850m-acquisitions/