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AFH signs fifth deal of 2019 for £1.7m

AFH Alan Hudson 700
Alan Hudson

Consolidator AFH has acquired Hertfordshire-based AE Garment Independent Financial Services for £1.7m.

AFH has paid initial cash of £880,000 so far, with two further payments of the same amount due over the next 26 months subject to AE Garment meeting expected targets.

The firm’s clients include sport, media and entertainment business owners and entrepreneurs under company director Tony Garment, who will retire after the completion of the deal.

AFH chief executive Alan Hudson says: “Our fifth acquisition of the year strengthens our position in the home counties and underlines our commitment to growth.”

The acquisition follows news last week that AFH would look to raise another £20m for its acquisition coffers through the conditional placing of convertible unsecure loan stock.

The firm, which operates financial advice, discretionary management and platform services remains one of the most active IFA consolidators in the market.

It acquired 16 firms and a total £1.5bn funds under management in 2018/19.

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