No pomp just circumstance as AFH snaps up Elgar Financial
BROMSGROVE-based wealth management firm AFH has acquired Hereford independent financial adviser (IFA) Elgar Financial for £120,000.
The deal is AFH’s ninth acquisition since its IPO last year.
Elgar, founded in 1992 by Andrew Sellers who is retiring due to ill health, has 70 active clients and a strong database but no other staff.
Alan Hudson, chairman and chief Executive of AFH, said: “Operationally, the group has grown significantly in the period since the July interim results, where increased like-for-like revenues and recurring income of 20% and 29% respectively were reported.
“IFA adviser numbers have also grown from 53 at the time of flotation last year to 91 at the start of September.
“The group remains profitable, cash generative and extremely well placed to take advantage of changes in the sector as a result of December’s Retail Distribution Review.
“Today’s ninth acquisition reaffirms the board’s stated intention to grow through both organic and acquisitive growth.
“The remaining months of 2012 and through to 2013 present an exciting time for the group as it seeks to take advantage of the sector’s rationalisation and consolidation, where it expects to be a major beneficiary of industry change.”
