Consolidator AFH Financial has acquired the assets of Cornwall-based chartered financial planners Knight O’Byrne Limited for a maximum of £1.2m, adding £51m of funds under management.
This deal puts the company’s total funds under management above the £900m mark and sees Knight O’Byrne founders Diane Knight and Bridget O’Byrne join AFH as advisers.
Under the terms of the acquisition, the maximum consideration payable by AFH is £1.2m, satisfied by an initial cash payment upon completion of £525,000, followed by a further cash consideration of up to £675,000, payable over the next 26 months in three tranches and dependent upon performance criteria of Knight O’Byrne over the next two years.
This marks the fourth acquisition since AFH listed on AIM in June and is the second chartered financial planning firm brought on since the acquisition of Finlay Gow and Company Limited in July.
AFH also furthered its national reach with a deal for Northampton-based Hindsight Financial Services Limited in September.
Alan Hudson, chief executive of AFH, said: “Creating yet another national footprint we welcome Diane and Bridget to the team at a time that sees our funds under management increase to a record high.
“Shareholders can expect continued strong news-flow over the forthcoming period, and the company looks forward to providing the market with an update on trading in due course.”
peter.walker@ft.com
