Financial services group makes eighth acquisition of the year
Bromsgrove financial services group AFH has made its eighth acquisition of the year after swooping for a York-based firm.
The wealth management firm has completed the acquisition of Corville Financial Services.
The deal will see Debbie and Nick Burchall will join AFH as advisers together with one employed adviser and a small support team.
The maximum purchase price is £2.9m based on the ongoing profitability of the business subject to the fulfilment of certain financial targets, AFH said.
The initial consideration for the acquisition is £1.46m in cash, funded from the company’s existing cash resources. Further deferred consideration will be payable in cash over the next 26 months in two tranches, subject to Corville Financial Services’ performance criteria.
Alan Hudson, chief executive of AFH, said: “This latest acquisition, our eighth of the financial year, continues to consolidate our national distribution within the core AFH client base.
“I am pleased to welcome Debbie and Nick together with their team to AFH and look forward to working with them to consolidate our presence in North Yorkshire and continue our growth for the benefit of our new clients and to increase shareholder value.”
AFH is reaping the rewards of its aggressive acquisition strategy.
Earlier this month it revealed its financial performance for the six months to April, which showed a 63% increase in revenues, to £22.7m, and a 180% increase in pre-tax profits, to £3.2m.
The group has been averaging a deal every month for the last couple of years as it looks to consolidate the market. Last month, it acquired Freeths’ financial advice business, Meritor.
