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AFH snaps up West-Midlands IFA adding £100m AUM

Hayburn Rock Group, including its subsidiary firms, has become the latest advice business to be bought by AFH

AFH snaps up West-Midlands IFA adding £100m AUM

Consolidator AFH has announced the acquisition of a West Midlands-based IFA adding £100 million of assets under administration.

Hayburn Rock Group, including its subsidiary firms, has become the latest advice business to be bought by AFH.

Founded in 1996, Hayburn Rock is based in a former school building in Stourbridge and has 10 advisers servicing around £100 million of client assets. The firm made profit before tax of £400,000 for 2017 on sales of £2.1 million.

In a market statement this morning, AFH said the deal will be for £900,000 initially with further deferred considerations dependent on the firm’s performance paid over the next 29 months. The maximum purchase price will be £3.5 million, AFH said.

Following the acquisition, Hayburn Rock’s managing director and founder Stephen Perks will join AFH along nine advisers.

Alan Hudson (pictured), AFH’s chief executive, said integration with the firm should be straightforward as it is based near AFH’s headquarters in Worcestershire.

‘The acquisition of Hayburn is our fourth transaction this financial year and further consolidates AFH as a leading financial planning led wealth management firm in the West Midlands and indeed the UK,’ Hudson said.

‘Hayburn is a local business to AFH which should enable an efficient integration process. I am pleased to welcome Stephen [Perks] and his team to AFH and look forward to working with them to provide their existing clients with the benefits of the full range of AFH services and to increase shareholder value.’

AIM-listed AFH has been very acquisitive in the IFA space and has now amassed over £4.5 billion in assets under administration.

 

 

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