AFH continues expansion with two new acquisitions
BROMSGROVE-based wealth management firm AFH has continued its ambitious expansion programme with two further acquisitions.
AFH, winner of the PLUS-SX Newcomer of the Year 2012 award, has taken over Seager Financial Consultancy Ltd and Racol Financial Services Ltd.
The deals mean AFH has now successfully completed 12 acquisitions since its IPO in June 2011.
Redditch-based Seager Financial, formerly a member of the Lighthouse Network, was acquired for £31,000. The deal sees the founder of the business, Ian Seager, step down from his role as an IFA with the business but has joined the Business Development Team at AFH.
Racol Financial, whose client base is in Buckinghamshire, was acquired for £160,000. The firm was formerly a member of the On-line Partnership. Ray Collingridge, the founder of Racol Financial, is retiring from the industry, but his daughter will transfer across to AFH and continue as an IFA.
AFH said the deals provided the business with a significant number of additional high net worth clients, which would drive incremental, high margin business for the firm’s advisers, who now number 100.
Alan Hudson, chairman and chief executive of AFH, said: “Today’s transactions continue our strategy of growing the business both organically and through select and opportune acquisitions.
“Moreover, these deals demonstrate the ongoing opportunities that are stemming from the Retail Distribution Review and underline AFH’s commanding position in a highly fragmented sector. I am delighted with the overall performance of the company and my team in the last 12 months and I look forward with confidence to 2013.”
