Consolidator AFH has bought the assets of Meritor, the financial advisory business of law firm Freeths.
AFH will pay a maximum of £530,000 for the business, dependent on its performance. AFH expects the business to add around £330,000 of annual revenue.
AFH chief executive Alan Hudson says: “This latest acquisition will continue the expansion of our national distribution in our core mass-affluent and high-net-worth client base.”
Hudson says the Meritor acquisition will allow AFH to work with Freeths’ clients on financial advice and asset management.
He says: “We are aware of a number of similar businesses linked to legal and audit practices that are deemed non-core to those organisations. We believe that the mutual benefits of this transaction will demonstrate the commercial advantages to similar organisations and their clients in the future.”