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Consolidator scores 14th deal of 2018 with £1.6m buy

Consolidator scores 14th deal of 2018 with £1.6m buy

Advice consolidator AFH has acquired Wiltshire-based Emery Little Financial Services (EMFS) for £1.6 million.

AFH announced this morning it has acquired the assets of the Salisbury advice firm. Co-director Brian Little, aged 79, will retire and pass his clients on to AFH, while his colleague Derek Gibbens, aged 58, will join AFH has an adviser.

The firm should not be confused with Hertfordshire-base Emery Little Wealth Management.

As ever, the full payment is based upon performance criteria being met.

The initial consideration for the acquisition is £870,000 in cash. A further deferred consideration will be payable in cash over the next 26 months, subject to performance criteria ‘of the assets acquired being achieved’. The maximum purchase price is £1.6 million.

AFH’s share price has risen steadily over the past 12 months, up 62% from 250 pence per share to 405p at the last close.

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