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Advice consolidator acquires another South West firm

Consolidator AFH has added £300m in assets under advice with its £4.2m purchase of Devon-headquartered LFS & Partners as it continues a flurry of acquisitions.

A total of 27 financial and mortgage advisers and their support staff will join AFH across three offices in Barnstable, Taunton and Minehead.

AFH is continuing to bolster its presence in the South West after acquiring Cornwall-based IFA Duchy Wealth Management and Devon-based firms Bay Financial Management and Shield Direct last year.

LFS & Partners is the consolidators third buy in two weeks for AFH and twelfth acquisition for 2018.

AFH chief executive Alan Hudson says: “This enhances AFH’s strong position in the South West. I am pleased to welcome James and his team to AFH and I look forward to working with them to further the development of the AFH brand and to provide the LFS existing clients with the benefits of the enhanced AFH proposition.”

AFH to absorb platform fees

The initial consideration for the acquisition is £2.2m funded from existing cash resources, with further deferred consideration to be paid out over 26 months subject to performance, as per AFH’s integration model.

AFH says LFS made a before-tax profit of £425,000 for the 12-months to 31 August 2017 and would have generated an estimated £800,000 on a post-acquisition pro forma basis for the current year ending 31 August.

Talking to Money Marketing in February, Hudson said AFH had plans to become “the number one financial planning-led investment manager in the UK.”

The consolidator most recently acquired the portfolios of HTH Group and its subsidiaries, Thomas Heald and Thomas Heald Solutions for £5.1m last week.


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