Consolidator AFH has continued its deal spree with the acquisition of West Sussex-based IFA firm Harvey Curtis.
AFH’s deal, its tenth in its current financial year, will see it buy Harvey Curtis’ client portfolios.
These will continue to be served by advisers Nigel Poole and David Clark, together with their support staff, who will also join AFH.
The deal nets Harvey Curtis a £1.22m cash payment up front. Over the next 26 months, subject to performance criteria, the total consideration will be up to £2.63m.
AFH chief executive Alan Hudson says the firm will continue to look to expand in the South East.
An analysis of the leading consolidators by Money Marketing earlier this year showed AFH remained the most acquisitive firm amongst its peers.
It made 14 buys in the year to October 2017, a marked increase after making just two in 2015/16.
However, it is also taking on a greater level of liabilities, and is generating roughly twice as much flows from acquisitions as existing business.
Other consolidators such as Fairstone Group, who have often targeted larger advice firms, still have significantly greater levels of assets under management, though they have less cash reserves than the likes of AFH.