View more on these topics

AFH buys Colchester advice firm for £2m

AFH Alan Hudson 700Consolidator AFH has acquired Colchester-based advice firm Britton Financial.

The deal is AFH’s first for the current financial year. It completed 13 deals in the previous financial year.

A stock exchange announcement says the maximum purchase price is just over £2m. For the 12 months ended 31 May 2017 Britton reported profit before tax of £352,551.

AFH will make an initial consideration of £1.1m in cash with the remaining amount paid over the following 26 months in two lots and dependent on performance.

Following the acquisition Britton owner Ken Kerr will retire and the business’s clients will transfer to AFH advisers.

According to the statement, AFH estimates that on a pro-forma basis and after the transfer of clients it would have generated profit before tax of £500,000.

AFH chief executive Alan Hudson says: “This first purchase of an IFA business during the current financial year demonstrates the continued high level of activity that we are seeing in the market.”

He adds: “The latest acquisition enhances our position in the South East of England and continues our strategy of providing a stable and well-capitalised business within which the clients of retiring IFAs can continue to receive appropriate professional advice and investment management.”

Recommended

General-Business-Handshake-Hire-Appointment-700x450.jpg
1

Consolidator AFH acquires Cornwall adviser in 13th deal of the year

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 […]

AFH Alan Hudson 700

AFH sees profits boost as it eyes future deals

Consolidator AFH has seen profits increase by a third over the last six months as it holds talks with a number of firms over future acquisitions. AFH has 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. […]

Royal Court of Justice High Court 480

FCA cancels adviser’s permissions after court battle

The FCA has confirmed it will stop a financial adviser from trading after a lengthy court battle with the regulator. North London-based adviser Anthony Badaloo, trading as Church Hill Finance, contested the regulator’s decision to ban him on the back of trespass and criminal damage related convictions in 2015. He also failed to turn over […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Question…………Exactly how are the clients of these retiring advisers going to be serviced? Particularly as there is a dearth of advisers generally? Answers on a postcard please!

Leave a comment