Ashfords LLP has advised Craven Street Capital on its acquisition of Kreston Reeves Financial Planning (KRFP), the establishment of Craven Street Wealth and related debt facilities.
Based in London, Craven Street Capital is a corporate finance business specialising in financial services, healthcare and cleantech. The acquisition of KRFP, and a connected acquisition of Christchurch Investment Management (on which Ashfords did not advise), has resulted in the creation of Craven Street Wealth, a wealth management and financial planning group with around £850 million of assets under management and advice. Established over 30 years ago, KRFP will continue with its existing branding for up to two years and existing staff will remain, enabling them to offer the same successful client proposition to clients. KRFP has 26 members of staff operating from offices in Canterbury, Horsham, Chatham, London and Sandwich.
The Ashfords team was led by Corporate Partner Jocelyn Ormond, supported by Banking Partner Ed Hobbs in relation to the debt facilities, and included Nicola Manclark (Tax), Ross Van de Velde and Scarlett Guy (Corporate), Ellie Jack (Banking), Su Apps (Employment), Suzie Miles (Commercial), Ben Derrington (Business Risk & Regulation), Chris Haywood (IP), Andrew Worley (Real Estate) and Cynthia Ma (Financial Services Regulatory). Commenting on the news, Jocelyn said: "We have been delighted to support Craven Street Capital on their successful acquisition of Kreston Reeves Financial Planning, the establishment of Craven Street Wealth and related debt facilities. This is our first transaction advising Craven Street Capital, having advised on several similarly complex M&A transactions in the financial services sector in the last 12 months."
Soondra Appavoo, CEO of Craven Street Capital, added: "This was a complex transaction involving the acquisition of KRFP, a second acquisition, debt facilities and numerous operational and employment issues. The Ashfords team provided us with seamless, pragmatic advice throughout".