IFA consolidator AFH Financial Group has acquired chartered financial planning firm Knight O’Byrne in a deal worth up to £1.2m.
The deal to acquire the Cornwall-based advice firm will add £51m in assets under advice and takes AFH’s total assets to over £900m.
Under the terms of the deal, AFH will pay an initial cash sum of £525,000, followed by a further cash payment of up to £675,000, depending on the performance of Knight O’Byrne over the next two years.
The additional payment will be made in three tranches over the next 26 months.
Diane Knight and Bridget O’Byrne will join AFH as advisers.
The acquisition is AFH’s fourth deal since the company listed on Aim in June.
AFH chief executive Alan Hudson says: “AFH further cements its position as a leading UK IFA by selective acquisitions including Knight O’Byrne. Creating yet another national footprint we welcome Diane and Bridget to the team at a time that sees our funds under management increase to a record high.”