Wealth management firm AFH Financial has continued its acquisition spree with a £460,000 deal to buy Clarendon Financial Solutions.
Three shareholders with the Nottingham-based IFA have joined Bromsgrove outfit AFH as financial advisers.
The purchase of Clarendon is the ninth acquisition since the AFH listed on AIM in June and will add approximately £25 million to its funds under management.
Under the terms of the acquisition, the maximum consideration payable by AFH is £461,100, with an initial cash payment upon completion of £230,550.
A further deferred payment of up to £230,550 will be payable in cash over the next 26 months in two tranches and dependent upon the performance of Clarendon over that period.
AFH Financial's chief executive Alan Hudson said today: "We are delighted to further our growth of the AFH business as we continue to see good acquisition opportunities arise.
"This is the sixth acquisition made during this financial year which has seen the group expand across Devon, Kent, Oxford, the West Midlands and now the East Midlands.
"I am pleased to welcome Clarendon's financial advisers into the group and offer them the opportunity to develop their own client bases within AFH."
