Wealth management firm to raise £15m for more acquisitions

AFH chief executive Alan Hudson

Wealth management firm AFH is looking to maintain the pace of its consolidation strategy by rising a further £15m from the markets.

It has “a strong pipeline of potential acquisitions that are under negotiation” and expects to complete more deals shortly.

The Bromsgrove firm has spent £16m acquiring 16 businesses in the last year, before taking into account future payments.

It has told the stock market that it “remains well positioned to take advantage of consolidation opportunities in the IFA market”.

It is seeking to raise £15m gross through a share placing priced at 370p. Last night’s close was 404p, one-third higher than its price at the start of 2018.