Consolidator AFH Financial is to acquire Kidderminster-based adviser firm K.L. Plester Financial Services for up to £1.7m.
The first £745,200 will be paid on completion of the deal, while the performance of Plester over the following two years will determine the final instalments, which could be up to £972,000 payable over the next 26 months.
Founder Keith Plester and director Jon Rowe will retire on completion and director and shareholder Peter Machin will join AFH as a financial adviser.
AFH chief executive Alan Hudson says: “We are pleased to announce the acquisition of Kidderminster-based Plester. It is good that the flexibility of our acquisition model accommodates the varying needs of the principals within the business.
“In this case, allowing the retirement of Jon and Keith, and the continuance of Peter’s career within a larger group, with all three able to crystallise the value in their business. I look forward to working with Peter in the years to come.”