IFA firm AFH Financial Group has raised around £660,000 to fund potential acquisitions.
The firm’s most recent acquisition was a £725,000 deal for Cheltenham-based IFA firm Specialist Solutions, which was fined £35,000 by the FSA in April 2011 for promoting unregulated collective investment schemes to clients without properly assessing suitability. The acquisition was the firm’s eighth since it floated in June last year.
In April this year, AFH bought The Arden Group in a deal worth up to £924,000.
Yesterday, the group announced its interim results, reporting a 20 per cent increase in its revenues from £2.5m in 2011 to £3m in 2012 and its earning before taxes, depreciation and amortisation stood at £262,248.
The group has increased adviser numbers by 66 per cent from 53 at flotation to 88.
The firm says: “The proceeds of the fundraising will be used to provide additional working capital for the company and to finance potential future acquisitions.”