Finance firm AFH has expanded with the acquisition of chartered financial planners Knight O’Byrne.
The deal to acquire the Cornwall-headquartered firm will add £51 million of funds under management to AFH’s total.
This will take Bromsgrove-based AFH’s total funds under management above the £900 million mark for the first time.
Diane Knight and Bridget O’Byrne will join AFH as advisers.
The deal will see AFH pay a maximum of £1.2 million for Knight O’Byrne, the final sum depending on the performance of Knight O’Byrne over the next two years.
It consists of an initial cash payment of £525,000, followed by a further cash consideration of up to £675,000, payable over the next 26 months in three tranches.
The deal was completed on November 3.
Knight O’Byrne is AFH’s fourth acquisition since the company listed on AIM in June 2014.
It is the second chartered financial planning firm the company has acquired, following the acquisition of the assets of Finlay Gow & Company in July.
The latest deal follows the acquisition of Hindsight Financial Services in September, continuing AFH’s strategy of “select national expansion”.
Alan Hudson, chief executive of AFH, said: “AFH further cements its position as a leading UK IFA by selective acquisitions including Knight O’Byrne.
“Creating yet another national footprint we welcome Diane and Bridget to the team at a time that sees our funds under management increase to a record high.
“Shareholders can expect continued strong news-flow over the forthcoming period, and the company looks forward to providing the market with an update on trading in due course.”
