Wealth management group racks up fourteenth deal of the year with latest acquisition

AFH chief executive Alan Hudson

Financial services group AFH is continuing its acquisitive streak after sealing its fourteenth deal of the year.

The firm has completed its acquisition of the client portfolios of Emery Little Financial Services, based in Salisbury, Wiltshire.

As a result of the transaction Derek Gibbens will join AFH as an adviser and continue to work with the existing clients of Emery.

Brian Little will retire following the acquisition and his clients will be serviced by AFH.

Under the terms of the acquisition, the initial consideration for the acquisition is £870,000 in cash, funded from the company’s existing cash resources. Further deferred consideration will be payable in cash over the next 26 months, subject to performance criteria of the assets acquired being achieved, with the maximum purchase price being £1.6m.

Chief executive Alan Hudson said: “Our fourteenth acquisition of the financial year is the client portfolio of an established IFA business in Wiltshire.

“I wish Brian well in his retirement and am pleased to welcome Derek to AFH. I look forward to further developing the company’s presence in the South and providing Emery’s existing clients with the advantages of the AFH proposition.”

Earlier this month, AFH acquired Ashton House IFA based in Bedfordshire, hot on the heels of its purchase of South West firm Lyn Financial Services in a deal worth up to £4.2m.

The deal was one of its largest to date, and followed a £5.1m purchase of Chesterfield-based HTH (Group) a few days prior.

Click here for a comprehensive list of West Midlands deals >
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