AFH has acquired Bay Financial Management, an IFA based in Devon, for a maximum price of £1.4m.
The amount payable is dependent on the performance of Bay over the next two years. An initial cash payment of £595,000 was made on completion, funded from AFH’s existing cash resources, and will be followed by a maximum deferred payment of up to £805,000, payable over the next 24 months in two tranches.
As part of the deal, three IFAs from Bay – Seamus Coleman, Simon Durant and Nigel Hull – have joined AFH, one of the UK’s largest wealth management firms.
Bay adds around £73 to AFH’s funds under management.
Chief Executive of AFH Alan Hudson said: “This acquisition continues to strengthen our presence in the South West and I look forward to working with Seamus, Simon and Nigel to further develop AFH.
“The acquisition of Bay is our fifth acquisition this year and will be integrated in line with our established model to enhance shareholder value during the current financial year. We continue to have a strong pipeline of future acquisition opportunities.”
