Consolidator AFH has secured two acquisition deals in the last two days as it continues its takeover plans for adviser businesses.
The two deals take the total number of acquisitions for the financial year so far to six for AFH.
Yesterday, the consolidator announced it had purchased the client bank of South Yorkshire IFA Lifetime Investment and Seminar Services for up to £500,000 subject to future performance targets being met.
The clients will move to be serviced by existing AFH advisers as Lifetime Investment principle Mark Penty retires.
Another deal has been announced this morning, this time in Hertfordshire, as AFH completes the acquisition of Mark Hughes and Associates Limited.
AFH has paid an initial £700,000 for the firm out of its cash reserves. Depending on financial performance, AFH says it expects to pay up to £1.6m in total.
Mark Hughes and his team will join AFH as advisers, bringing £50m in funds under management and around £600,000 of recurring income to the firm.
AFH chief executive Alan Hudson says the deal “continues our strategy of providing a stable and well capitalised business within which successful IFAs can continue to provide their clients with professional advice and investment opportunities, both on a personal basis and in retirement.”