Consolidator  

AFH seals tenth acquisition of the year in £2.6m deal

AFH seals tenth acquisition of the year in £2.6m deal

Financial advice consolidator AFH has bought the assets of a West Sussex financial advice firm in a £2.63m deal.

The deal to buy the client portfolios of Harvey Curtis will see the firm's support staff, as well as its principal Nigel Poole and a financial planner David Clarke, join AFH to work with their existing clients.

Alan Hudson, chief executive of AFH, said: "Our tenth acquisition of the financial year is the client portfolio of an established IFA business in West Sussex. I am pleased to welcome Nigel and David, together with their team, to AFH and look forward to further developing the company's presence in the south east."

The initial consideration for the acquisition is £1.22m in cash, funded from AFH's existing cash resources. More will be paid in cash over the next 26 months, subject to performance criteria.

Harvey Curtis, which is based in Burgess Hill, has been trading for more than 40 years and its clients have invested about £400m through the firm, which describes itself as one of the largest firms of financial advisers in the south east.

Earlier this year the Aim listed firm revealed it had £24m to spend on acquisitions, with a "strong pipeline" of prospects.

damian.fantato@ft.com