Consolidator  

AFH snaps up Hertfordshire advice firm

AFH snaps up Hertfordshire advice firm

Consolidator AFH has bought a Hertfordshire-based financial advice firm in a £738,000 deal.

The acquisition of Harrison White FS, based in Tring, will see Steve White, who has more than 30 years' experience as an adviser, join AFH.

The acquisition is expected to contribute around £410,000 a year of revenue to AFH while adding £55m in funds under management.

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Alan Hudson, chief executive of AFH, said: "I am pleased to report our fourth acquisition of the financial year, which further strengthens our presence in the Home Counties.

"Steve maintains a strong local network through his sporting connections and I look forward to working with him for the benefit of our new clients and to increase shareholder value."

The initial consideration for the acquisition is £362,280 in cash, funded from AFH's cash resources.

A further deferred consideration will be payable in cash over the next 26 months in two tranches, subject to performance criteria of Harrison White's business.

Harrison White has around 200 clients in London and the Home Counties, Manchester and South Wales as well as across Devon.

Mr Harrison said: "With the increasing rigours of regulation, I knew I could better serve my clients if I had access to the wealth of experience and support that AFH offers.

"The important thing is to have my clients successfully, seamlessly transferred to a great new home. I know that as part of AFH I’ll be able to offer then an even better service."

The deal is the second acquisition of 2018 for AFH following its acquisition of Monopoly Financial Consultants in January.

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

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

damian.fantato@ft.com