Duchy Wealth Management will add £60m to AFH’s funds under managemenet
Consolidator AFH has acquired Cornwall-based advice firm Duchy Wealth Management in a deal worth up to £630,000.
The acquisition is the consolidator’s 13th of the current financial year.
Duchy will add around £60m funds under management to AFH. For the year ended 31 March 2017, the business reported profit before tax of £286,544.
AFH will initially pay £310,000 for the business with a further £320,000 paid over the next 26 months in two lots, dependent on the performance of the business.
Following the purchase, adviser Simon Holdsworth will join AFH.
AFH chief executive Alan Hudson says: “The latest acquisition enhances our position in the south west of England and I am pleased to welcome Simon to AFH and look forward to working with him to continue our growth in this region.”
In June, AFH posted a pre-tax profit of £1.2m for the six months to 30 April, an increase of 34 per cent from £860,000 at the same time last year.
At that time, the business had a total of 154 advisers, with revenue per adviser per year rising from £156,000 to £180,000.