AFH hits the acquisition trail again

BROMSGROVE financial services group AFH has a acquired Nottingham-based IFA Clarendon Financial Solutions.

Clarendon’s three shareholders have joined AFH as financial advisers on completion of the acquisition.
 
The purchase of Clarendon is the ninth acquisition since AFH listed on AIM in June 2014 and will add approximately £25m funds under management to the company.
 
Under the terms of the acquisition, the maximum consideration payable by AFH is £461,100. The initial consideration will be satisfied by a cash payment upon completion of £230,550, from the company’s existing cash resources.

Further deferred consideration of up to £230,550 will be payable in cash over the next 26 months in two tranches and dependent upon performance criteria of Clarendon over the next two years.
 
Alan Hudson, chief executive of AFH, said: “We are delighted to further our growth of the AFH business as we continue to see good acquisition opportunities arise.

“This is the sixth acquisition made during this financial year which has seen the group expand across Devon, Kent, Oxford, the West Midlands and now the East Midlands.”