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AFH completes Independent Financial Services acquisition

Consolidator AFH has settled the £4.1m deal to purchase national IFA Independent Financial Services, nearly two years after announcing the acquisition.

AFH paid an initial cash sum of £450,000 for the advisory business in May 2015.

An earn-out consideration comprising a cash payment of £264,773 and 106,763 ordinary shares of 10 pence has been settled with the vendors of IFS.

AFH profits jump 83%

This is in line with the initial acquisition agreement from May 2015, where it was agreed the final acquisition sum of up to £3.65m would be paid in three tranches, based on the performance of IFS.

The IFS acquisition initially brought 35 advisers to the group.

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