Midland wealth management and independent financial advisory firm AFH Financial has made its eighth acquisition since its IPO last year.
The Bromsgrove based firm has bought Cheltenham based IFA Specialist Solutions, which has around £80 million of funds under advice.
Under the terms of the agreement, AFH will pay an initial consideration of £100,000 from its existing resources, with up to £625,000 in deferred consideration payable over the following two years.
Specialist Solutions reported turnover of £1.16 million with gross profit of £498,000 in the year to September 2011.
AFH has bought the assets and goodwill of Specialist Solutions but is not assuming any advice liability incurred prior to the acquisition.
The buyout brings the company’s number of advisers to 88, up from 53 at the time of the company’s IPO.
The new advisers will operate out of AFH’s Bromsgrove headquarters.
