Kingswood Holdings Limited announced that on 24 December 2020 it entered into a Master Service Agreement (MSA) with Kingswood LLP to provide services in relation to payroll, back-office support, financial due diligence, transition and separation services, corporate finance transactional support and preparing statutory financial statements. The MSA contains a provision which caps the maximum payment due to Kingswood LLP in any calendar year at £250,000 or such other amount as the parties agree. This amount was subsequently increased to £400,000 in relation to the year ending 31 December 2021.

In each case, the quantum paid to Kingswood LLP was considered de minimisin the context of the Company. The Company has agreed with Kingswood LLP to increase this cap to £625,000 for the year ending 31 December 2022. This increase is made in anticipation of enhanced M&A activity within the Group for which the Company will utilise the support and services offered under the MSA.