AFH takes on Midlands trio
Three Midlands-based independent financial advisory (IFA) firms have been acquired by Bromsgrove-based wealth manager AFH in a deal worth £371,500.
AFH said the unnamed acquisitions will take advantage of the "fragmented nature" of the current market.
It said the move was one of many potential acquisitions for the firm, adding it expected to make further announcements regarding takeovers in due course.
Since June this year, when the company first floated on the AIM market, AFH has increased its number of IFAs by 17 per cent. Total staff at the firm has increased 36 per cent since the beginning of 2011, to more than 100.
The three businesses acquired will add more than 1,300 new clients to the company, AFH confirmed.
Alan Hudson, chairman and chief executive of AFH, said: "The acquisition of these three IFA businesses will result in a significant increase in recurring revenue, IFA's and additional advice related services.
"The company remains well placed to grow and, in line with the strategy set out at the time of our listing, we continue to seek to further our position through both organic and acquisitive growth. The company expects to update the market on progress in this respect in due course."
