Wealth manager hits the acquisition trial with £1m deal

Worcestershire wealth management group, AFH, has hit the acquisition train again, purchasing a firm in the South East in a deal worth more than £1m.

Bromsgrove-based AFH has acquired the assets of J W Wealthcare, in a move which increases its presence in a competitive market.

Under the terms of the deal, the combined maximum purchase price is £1.1m, payable in cash over the next 26 months in four tranches, dependent upon performance criteria being met.

The acquisition is expected to contribute an aggregate of approximately £300,000 of recurring revenue to AFH.

Following the acquisition, John Walpole, the head of the firm, will join AFH as an adviser.

Commenting, Alan Hudson, chief executive of AFH, said: “I am pleased to welcome John to AFH and look forward to working with him to continue our growth within the South East.

“This acquisition, our second since November 1, highlights the continued high level of activity that we are seeing in the market and continues our strategy of enhancing our organic growth with selective acquisitions.”