Advice consolidator AFH has acquired three IFA firms for a combined maximum price of £1.9m.
The business has bought Cotswolds IFA Granville Bates, Yorkshire IFA Johnson Birkett, and Cheshire IFA G-Force Financial. The deals completed on 30 June.
AFH expects the acquisitions to add £500,000 of recurring revenue.
The initial consideration for the firms is £1m in cash with a further £0.9m payable in cash over the next 26 months in two tranches, dependent on the performance of the assets.
AFH chief executive Alan Hudson says the deals represent the company’s eighth, ninth and tenth acquisitions this year.
He says: “The company continues to seek high quality businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.”
Following the acquisitions, the sellers will retire and their clients will be serviced by existing AFH advisers.
Already this year AFH has acquired Suffolk-based Eunisure, London-centered IFA Parker Sage Independent Financial Advisers, Aberdeenshire-based Aberdeen Wealth Management, Devon-based Shield Direct, and south west London IFA Taylor Frost Wealth Management.