Consolidator AFH has made another buy in the South East with the acquisition of Kent-based CWP Financial Services.
A day after AFH released results for the last twelve months showing a 49 per cent revenue increase on the back of 16 acquisitions over the past year, it has announced yet another advice firm will be bought out by the company.
CWP has received an initial cash payment of £470,000 from AFH, and will receive a maximum of £890,000 if it meets financial targets over the next 26 months.
CWP is a sole adviser firm, with one other qualified staff member conducting research, reporting and review services, and another providing secretarial services.
Bob Perry, the sole adviser, will retire after the deal is complete, leaving AFH advisers to service CWP clients.
AFH’s announcement did not reference whether the other two staff would stay with the firm.
AFH chief executive Alan Hudson says: “This latest acquisition further enhances our position in the South East of England and continues our strategy of providing a stable and well capitalised business within which the clients of retiring IFAs can continue to receive appropriate professional advice and investment management.”