Consolidator AFH has secured its largest acquisition this year as it continues to rapidly expand its advice business.
The deal is the 11th since January and will see AFH secure three client banks, having acquired the portfolios of HTH Group and its subsidiaries, Thomas Heald and Thomas Heald Solutions.
As part of the deal 26 advisers will join the firm, including the principals of the three firms.
The value of the deal could be up to £5.1m dependent on criteria under the group’s terms of acquisition, including performance. The initial consideration is £2.3m.
Thomas Heald and Thomas Heald Solutions are based in Chesterfield, with satellite offices in Leeds and Doncaster.
AFH chief executive Alan Hudson says: “Our 11th and largest acquisition of the financial year is the purchase of an established IFA business in Derbyshire and Yorkshire providing both financial planning and mortgage and protection services to a large client base.”
In a statement accompanying its recent half year results, the group said it has a “strong balance sheet” and will continue its acquisition spree.
AFH profits increased to £2.5m from £900,000 in 2017, with funds under management growing £1bn to £3.2bn.
Hudson says: “The market remains buoyant and our pipeline of opportunities continues to expand across the country.”