AFH Independent Fin Services  

AFH buys Hertfordshire-based advice firm

AFH buys Hertfordshire-based advice firm

Financial advice consolidator AFH has already made its first acquisition of 2018, snapping up a Hertfordshire-based firm.

The Worcestershire-based company has bought Monopoly Financial Consultants in a deal which could be worth up to £631,000.

The initial consideration for the acquisition is £333,000, funded from AFH's cash resources, with more money due to be paid over the next 26 months in two tranches, dependent on performance.

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Under the terms of the deal, Nigel Parbrook, director of Monopoly, will join AFH as an adviser.

Alan Hudson, chief executive of AFH, said: "This is our third purchase of an IFA business for the current financial year, reflecting our strong pipeline of acquisition targets.

"This latest acquisition further increases our capacity in the south east of England and I look forward to working with Nigel for the benefit of our new clients and to increase shareholder value."

The acquisition is expected to contribute around £170,000 of recurring revenue to AFH.

In November AFH said its revenues had increased by 35 per cent to £33m in the year to the end of October following 13 acquisitions.

The company also saw its funds under management grow to more than £2.7bn, compared with £2bn for the previous year.