Advisory business consolidator AFH has bought a West Sussex-based financial advice firm in a £1.1m deal.
The acquisition is the latest in a string of firms which AFH has bought in recent months, taking the number to 15 in the current financial year and nine in the past six months.
As part of the deal to buy JW Wealthcare, based in Chicester, John Walpole will join AFH as an adviser.
Alan Hudson, chief executive of AFH, said: "I am pleased to welcome John to AFH and look forward to working with him to continue our growth within the south east.
"This acquisition, our second since 1 November, highlights the continued high level of activity that we are seeing in the market and continues our strategy of enhancing our organic growth with selective acquisitions."
As part of the deal the maximum price will be £1.1m, payable in cash over the next 26 months in four tranches, dependent upon performance criteria being met.
The acquisition is expected to contribute approximately £300,000 of recurring revenue to the company.
AFH saw its revenues increase by 35 per cent to £33m in the year to the end of October, while its funds under management grew to more than £2.7bn.
In the year to Tuesday 31 October, the company made 13 acquisitions as well as the purchase of the protection business of Eunisure.
damian.fantato@ft.com
