AFH Financial heads north of the border for first acquisition since AIM move
WORCERSTERSHIRE IFA AFH Financial has made its first acquisition since its move to the Alternative Investment Market in a deal worth £675,000.
The Bromsgrove company has acquired the assets of Edinburgh-based Finlay Gow & Company td, its first foray into the Scottish market.
Finlay Gow is a chartered financial planning firm and recent winner of the Chartered Financial Planners designation by the Chartered Insurance Institute (CII), the industry’s gold standard.
Today’s acquisition will immediately add £40m in funds under management bringing AFH’s total funds under management to £820m and total adviser count to 127.
Finlay Gow reported recurring revenues of £175,000 during the financial year ended March 31, 2013.
The deal will be split with an initial cash payment upon completion of £337,500, followed by a further cash payout of up to £337,500. This will be payable over the next 26 months in two tranches and dependent on performance criteria of Finlay Gow over the next two years.
The deal sees Finlay Gow directors, Andrew Bandura and David Whigham, join AFH as advisers.
Commenting on the acquisition, Alan Hudson, AFH chief executive of AFH, said: “The last quarter has seen a significant level of activity at the company – a period which has included two successful capital raisings, the acquisition of the assets of Norwich-based Omega Consulting and the company’s admission to AIM.
“We welcome Andrew, David and the existing clients of Finlay Gow into the AFH group. This acquisition marks the significant and growing importance of the company’s expansion strategy, increasing the firm’s geographical presence across the UK.”
AFH completed its move to AIM in June.