The nine advice firms acquired by Harwood Wealth Management in the first half of the year have added £310m assets under advice to the business.
According to an update today, Harwood will pay a total of £10.9m for the acquisitions, completed in the six months to 30 April.
Harwood says £6.7m of that total has been paid, with the balance to be settled through the group’s two-year earn-out model.
The largest deal completed was for Southampton-based IFA AE Financial Services in March, totalling £4.6m.
The group also recently acquired Plan65 and Ascot-based Fund Management for £1.1m.
Harwood non-executive chair Peter Mann says: “The frequency with which we are managing to complete on acquisitions of stable, high-quality businesses with strong client bases demonstrates the rich pool of opportunities available.”
Yesterday, in its first half results statement, consolidator AFH was also clear it intended to continue its acquisition momentum.
In the first half, AFH bought six firms for an initial amount of £3.2m. The firms include Hertfordshire-based firms Mark Hughes & Associates and Harrison White FS and the assets of Meritor, the financial advisory business of law firm Freeths.
In the results statement, the company notes its “strong balance sheet” to allow it to carry out further acquisitions. It has £23.7m cash reserves.