Consolidator AFH has bought the assets of three retiring advisers.
The advice firm today announced it had bought the assets of Cotswolds-based Granville Bates, Yorkshire-based Johnson Birkett and Cheshire-based G-Force Financial.
According to a market statement this morning, the three deals could be worth a total of £1.9 million – split into £1 million in cash and then with a deferred consideration of £900,000 over the next 26 months dependent on the performance of the assets.
The three deals mean AFH has now completed 10 deals in 2017 and according to the firm’s chief executive Alan Hudson (pictured) ‘demonstrate the increasing level of activity that we are seeing in the market’.
‘The client base reflects the continued national expansion of AFH and will be integrated in line with our established model,’ he said.
‘The company continues to seek high quality businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.’
Following the deals the advisers from Granville Bates, Johnson Birkett and G-Force Financial will retire and the clients will be moved to AFH’s own advisers.
For the first six months to April 2017, AFH’s revenues were up 19% to £13.9 million on pre-tax profits of £1.15 million.