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Consolidator AFH Financial raises £1.6m for acquisitions

Aim listed IFA consolidator AFH Financial Management Group is raising £1.6m to fund further acquisitions.

The money is to be raised through the issuance of 1.1m new shares in the company and will increase the number of shares in the company by 6.7 per cent.

In a statement to the stockmarket the company says the proceeds of the subscription “will be used to provide additional working capital for the company and to finance potential future acquisitions”.

In January, the firm completed its 20th acquisition since the beginning of 2011. In August 2013, the company raised £2.8m to fund its acquisition plans through a combined bond and share issue and this was followed by a further share issue worth £500m in November.

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