AFH Financial expands again with Stoke-on-Trent acquisition
BROMSGROVE-based wealth management firm AFH Financial has expanded its operation with the acquisition of a firm in Stoke-on-Trent.
The company has expanded by taking over SR Wealth Management. The deal is the company’s first of the calendar year and its seventh since the implementation of the Retail Distribution Review 12 months ago.
SR Wealth Management has approximately £10.2m of funds under management and had recurring income of £63,000 in its most recent financial year.
AFH said Martin Bradshaw, the owner and vendor of SR Wealth Management, had decided to leave the industry on completion of the deal and its clients would now be serviced by existing AFH advisers.
The deal will be split, with an initial cash payment of £94,500 followed by a further £105,000 payable over the 26 month period following the acquisition, depending on performance.
Commenting on the acquisition, Alan Hudson, chairman and chief executive of AFH, said: “As expected, RDR continues to drive consolidation within the industry; we remain committed to capitalising on this opportunity by making well-timed, select investments that complement our dynamic business.
“We welcome the clients of SR Wealth Management and look forward to providing them with the high quality service consistently delivered by our professional team of advisers.”