IFA consolidator AFH Financial Group has bought Edinburgh-based chartered financial planning firm Finlay Gow & Company in a deal worth up to £675,000.
The deal marks the first acquisition by AFH since the company listed on the Aim market in June.
Finlay Gow & Company has assets under advice of £40m, taking AFH’s total assets to £820m. The deal also takes AFH’s total adviser numbers to 127.
Under the deal, AFH will pay an initial £337,500 in cash then a further £337,500 based on performance over the next two years.
Once the deal has completed, Finlay Gow directors Andrew Bandura and David Whigham will join AFJ as advisers.
AFH chief executive Alan Hudson says: “The last quarter has seen a significant level of activity at the company – a period which has included two successful capital raisings, the acquisition of the assets of Norwich-based Omega Consulting and the company’s admission to Aim.
“We welcome Andrew, David and the existing clients of Finlay Gow into the AFH group. This acquisition marks the significant and growing importance of the company’s expansion strategy, increasing the firm’s geographical presence across the UK.”