Sixth deal in five months for wealth manager
Acquisitive wealth management firm AFH has bought its sixth firm in five months as its continues its growth strategy.
The stock market-listed group will pay up to £1.4m for Bay Financial Management, an IFA based in Honiton, Devon. Bay will add approximately £73m to AFH’s funds under management.
AFH chief executive Alan Hudson said the deal would strengthen the Bromsgrove-based group’s presence in the South West.
He said: “The acquisition of Bay is our fifth acquisition this year and will be integrated in line with our established model to enhance shareholder value during the current financial year. We continue to have a strong pipeline of future acquisition opportunities.”
The initial consideration of £595,000 has been paid, with deferred consideration of up to £805,000 payable over the next 24 months in two tranches.
As a result of the Acquisition, Seamus Coleman, Simon Durant and Nigel Hull have joined the AFH Group.
Earlier this month AFH bought London firm Taylor Frost in a deal worth up to £1.2m, which followed January deals for firms in Aberdeen and Dorset. In October and December it took over IFAs in East Anglia and Lancashire respectively.
