AFH has bought the assets of East Anglian IFA CRS Financial Planning for £663,670.
CRS will add £25m of assets under advice to AFH. Director Chris Stapleton will retire from the business with CRS’s clients being managed by AFH advisers.
The purchase price represents 2.6 per cent of assets under advice. A sum of £378,920 will be paid when the deal completes with the remaining amount paid in two lots over 26 months and based on performance.
AFH chief executive Alan Hudson says: “The acquisition of the assets of CRS follows the strategy, established by the company when we listed on AIM in June 2014, of making selective acquisitions to develop our expansion nationally and leverage our central investment and support functions.
“The company continues to seek high quality businesses that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.”