Wealth manager invests again, buying Freeths’ financial advice business
Wealth management group AFH has bought Freeths’ financial advice business, Meritor, as it eyes further deals for divisions judged to be non-core to legal and audit organisations.
Bromsgrove-base AFH raised £15m last year to fund its acquisition plans, and it has been averaging a deal per month for the last couple of years.
AFH has paid £330,000 in cash for Nottingham-based Meritor, with a further £200,000 potentially due over the next 14 months based on its performance.
Financial adviser Karen Pincher will join AFH’s team and will continue to work with Freeths and to look after her 275 clients.
AFH chief executive Alan Hudson said: “AFH has the scale and in-house expertise to provide a top quality service to meet all their clients’ needs. We will continue to work with Freeths in the future to provide their clients with access to AFH advice and asset management.
“We believe that the mutual benefits of our arrangement with Freeths will demonstrate the commercial advantages of working with AFH to similar organisations and their clients in the future.”
The £33m-turnover group currently has around £3.1bn funds under management.
The group floated on the Alternative Investment Market in 2014 and its shares closed on Friday at 330p, near to an all-time high with a market value of around £120m.
