Your IndustryAug 1 2017

Consolidator swoops on two firms in £1.4m deal

Search sponsored by
Consolidator swoops on two firms in £1.4m deal
ByDamian Fantato

Advice firm consolidator AFH has bought the assets of Arden Financial Consultants LLP and the share capital of Martin Cooper Wealth Management Ltd, both based in the West Midlands.

The combined purchase price of the two deals is £1.4m and the two businesses add £50m to AFH’s funds under management.

Alan Hudson, chief executive of AFH, said: “These two acquisitions, our 11th and 12th purchase of IFA businesses during the year, confirm the continued high level of activity that we are seeing in the market.

“The latest acquisitions continue our strategy of providing a stable and well capitalised business within which successful IFAs can continue to provide their clients with professional advice and investment opportunities, both on a personal basis and in retirement.”

Following the acquisition of Arden Financial Consultants, Kevin Hobbs, Steve Down and John Kirtland will join AFH as advisers.

Meanwhile Martin Cooper, of Martin Cooper Wealth Management, will retire and his clients will be serviced by existing AFH advisers.

Mr Hudson said: “I am pleased to welcome Kevin, Steve and John to AFH and look forward to working with them to continue our growth within both the regional and national marketplace.”

The initial consideration for the acquisitions is £700,000 in cash, funded from the company's cash resources.

A further deferred consideration of up to £0.7m in cash will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets and business acquired.