Your IndustryOct 2 2017

AFH buys Cornish firm in £630k deal

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
AFH buys Cornish firm in £630k deal

AFH has bought a Cornwall-based financial advice business in a £630,000 deal.

The acquisition of Duchy Wealth Management, which is based in Truro, will add around £60m in funds under management to the company.

Following the acquisition Simon Holdsworth, the firm’s director, will join AFH as an adviser.

Alan Hudson, chief executive of AFH, said: “This 13th purchase of an IFA businesses during the current financial year demonstrates the continued high level of activity that we are seeing in the market.

“The latest acquisition enhances our position in the south west of England and I am pleased to welcome Simon to AFH and look forward to working with him to continue our growth in this region.”

Under the terms of the acquisition, the maximum purchase price is £630,000 subject to the fulfilment of certain profitability targets.

The initial consideration for the acquisition is £310,000 in cash, funded from AFH’s cash resources.

A further deferred consideration of up to £320,000 in cash will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the business acquired.

For the financial year ended 31 March 2017 Duchy achieved reported profit before tax of £286,544.

damian.fantato@ft.com