IFA consolidator AFH Financial Group has acquired two advice firms for almost £1m, adding £55m to its funds under management.
AFH will pay up to £911,760 for Oxfordshire-based firm Roxborough Consultancy, made up of an initial payment of £476,760, followed by another payment of up to £435,000 based on performance over the next two years.
The principal of Roxborough has retired following the deal, with AFH advisers taking over the client relationships. Roxborough made a pre-tax profit of £185,793 in the year to 31 March.
AFH has also acquired the assets of First Class Financial Management, based in West Bromwich. The consolidator will pay up to £84,000 for the advice firm.
The deals mark the fifth and sixth acquisitions since AFH listed on Aim in June.
AFH chief executive Alan Hudson says: “We continue to seek, select and complete opportune acquisitions in a post-RDR world.
“We intend to focus our acquisition strategy on retiring IFAs over the coming months as part of our overall growth strategy.”