AFH Financial Group has acquired Specialist Solutions, a Cheltenham-based IFA with approximately £80 million of funds under advice.
The move marks AFH’s eighth acquisition since its IPO in 2011.
Specialist Solutions reported turnover of £1.16 million, with gross profit of £498,000, in the year to September 2011.
Under the terms of the agreement, AFH will pay an initial consideration of £100,000 from its existing resources, with up to £625,000 in deferred consideration payable over the following 24 months. As part of the agreement, AFH is purchasing the assets and goodwill of Specialist Solutions but is not assuming any advice liability incurred prior to the acquisition.
This acquisition will bring the company’s total number of advisers to 88 advisers, up from 53 at the time of the company’s IPO. The new advisers will operate out of AFH’s Bromsgrove headquarters.