Wealth management group makes £5.1m acquisition
Acquisitive wealth management group AFH has bought Chesterfield-based HTH (Group) in a deal worth up to £5.1m.
It is the 11th and largest purchase for the stock market-listed business in its financial year as it continues its consolidation strategy.
The deal for HTH (Group) and its subsidiaries, Thomas Heald and Thomas Heald Solutions, will add offices in Chesterfield, Leeds and Doncaster and 26 advisors to AFH.
Alan Hudson, chief executive of Bromsgrove-based AFH, said: “The market remains buoyant and our pipeline of opportunities continues to expand across the country.”
HTH’s principals Nick Thomas, Chris Holland and Nick Heald will stay as part of the deal. The agreement will see £2.3m paid in cash now, with up to £2.8m to be paid based on performance over the next 26 months.
The combined businesses generated pre-tax profits of £365,000 in the year to March, but on a pro-forma forward facing basis the EBITDA of the business is £1.0m with targeted profitability of £1.25m.