£15m share placing to fund acquisition strategy

AFH chief executive Alan Hudson

Acquisitive wealth management group AFH is looking to raise £15m to fund its continued growth.

The Bromsgrove-based group has been extending its footprint through its strategy of consolidating the market and has made 14 acquisitions in the last year alone.

Its latest purchase was announced on Monday, when it bought Essex-based Britton Financial in a deal worth up to £2.1m.

It has previously revealed it expects to have seen growth of more than one-third in its revenues and funds under management when it publishes its full-year figures. The wealth manager now looks after funds totalling £2.7bn.

AFH had £8.0m in the bank at the end of last month, which it says is sufficient to fund the deferred consideration liabilities of its acquisitions as they fall due. 

It wants to continue to execute its strategy of making selective acquisitions and increasing AFH’s national footprint.

The fundraising, priced at 250p per share, will give AFH “a strong platform” to finance future deals. It says it has a “strong pipeline of potential acquisitions under negotiation”.

It is seeking to raise the money through an accelerated bookbuild.

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