AFH on the acquisition trail again
BROMSGROVE financial advisory and wealth management firm AFH has made its 15th acquisition in just over two years. It has taken over the business and assets of CH Financial.
CH Financial is based in Hemel Hempstead and has £70m of funds under management for clients in London and the Home Counties. In the year ended 31 March 2013, it had revenues of £559,000 of which £333,000 comprised recurring income.
David Chenkin, the vendor of CH Financial, will join AFH.
AFH has paid an initial £360,000 for the business, although this could rise to £640,000 depending on CH Financial’s performance over the next 26 months.
Today’s news follows the recent raising by AFH of £2.8m in an equity and bond issue to provide additional working capital for the company and to finance potential future acquisitions.
Alan Hudson, chairman and chief Executive of AFH, said: “We are delighted to announce today’s acquisition as we further advance our position in the South East of England.
“The last six months has seen a period of high activity at the Company. AFH is a dividend paying business with a strong balance sheet, offering potential partners and investors access to a fast growing, acquisitive public company.
“We continue to make well-timed, select investments, and are pleased to welcome David Chenkin to AFH; he will add significant value with his extensive experience in the industry.”
