Financial services group makes 12th acquisition of 2018
Financial services group AFH has bought South West firm Lyn Financial Services in a deal worth up to £4.2m.
The acquisition is AFH’s 12th in 2018 as it maintains its fast pace of consolidation. The deal is one of its largest to date, and follows on from last week’s announcement of the £5.1m purchase of Chesterfield-based HTH (Group).
This latest deal will see 60 members of staff join AFH and add offices in Barnstaple, Taunton and Minehead.
It further strengthens Bromsgrove-based AFH’s presence in the South West and in the life insurance and protection sphere.
AFH chief executive Alan Hudson said it was “a very significant deal” for the group.
He said: “The acquisition of LFS is our twelfth transaction of the year and enhances AFH’s strong position in the South West. The transaction complements our successful integration of Davisons in 2016 and three subsequent acquisitions in the region.”
AFH has paid £2.2m up front, with the remaining £2m based on performance over the next 26 months. Lyn’s £300m takes AFH’s funds under management to more than £3.8bn.
Lyn’s chairman James Tucker added: “This is a great deal for Lyn’s 5,000 clients, who will receive the same service, delivered by the same advisers and staff, but with the added advantage of AFH’s back-office support and investment expertise.”
