Consolidator AFH Financial has acquired two advice firms in deals worth a total of £1.1m.
AFH will pay up to £585,000 for Quest Financial Management, which has been acquired for an initial cash payment of £292,500. The remainder is payable over the next two years dependent on performance.
Quest’s two advisers left the firm on completion of the acquisition, and AFH staff have already taken over client relationships.
Similarly, the consolidator will pay up to £489,345 for the assets of Phoenix, with an initial consideration of £240,250 paid on completion of the deal on 24 July.
A further £249,095 will be payable in cash over the next 26 months dependent on performance.
Quest and Phoenix represent the firms eleventh and twelfth acquisitions since it listed on the AIM in June 2014.
AFH chief executive Alan Hudson says: “We continue to offer IFA businesses the opportunity to either become part of a larger group or to allow the principals of those businesses the ability to realise value as they retire.”