Consolidator  

AFH continues deal flurry with Wiltshire buy

AFH continues deal flurry with Wiltshire buy

Advice consolidator AFH has bought Salisbury-based Emery Little Financial Services in a £1.6m deal.

The deal will see one partner, Bryan Little, retire while the other partner, Derek Gibbens, will join AFH.

Under the terms of the acquisition, AFH will pay an initial £870,000 in cash from its existing resources, with the rest payable in cash over the next 26 months, subject to performance criteria being met.

Over the past month, AFH has made five acquisitions, including its largest of the year so far, with the £5.1m deal for Chesterfield-based HTH Group.

Last week the Aim-listed company announced its funds under management had exceeded £4bn.

Alan Hudson, chief executive of AFH, said: "Our fourteenth acquisition of the financial year is the client portfolio of an established IFA business in Wiltshire. I wish Brian well in his retirement and am pleased to welcome Derek to AFH.

"I look forward to further developing the company's presence in the south and providing Emery's existing clients with the advantages of the AFH proposition."

Mr Gibbens added: "I had always seen AFH as a fabulous IFA business, with a great record of putting its clients first and a top quality service proposition.

"Like many advisers, I saw that joining forces with a group that provided the back-office support and leave me free to be an IFA full time was a win for me and a win for my clients."

damian.fantato@ft.com