Wealth management firm AFH Financial has added £40 million in funds to its portfolio after buying Scottish outfit Finlay Gow & Company.
The deal to acquire the Edinburgh-based chartered financial planner is AFH's first foray in the market north of the border and also its first deal since switching its listing from ISDX to AIM.
The maximum consideration payable is £675,000 with an initial cash payment upon completion of £337,500, followed by a further cash payment of up to £337,500 over the next 26 months dependent on performance criteria.
The acquisition brings Bromsgrove-based AFH's total funds under management to £820 million and adviser count to 127.
Earlier this month, it announced positive half-year results with turnover climbing to £7.29 million (2013: £4.79 million).
Finlay Gow reported recurring revenues of £175,000 during the financial year to April 2013 and its directors, Andrew Bandura and David Whigham, will join AFH as advisers.
AFH chief executive Alan Hudson said: "The last quarter has seen a significant level of activity at the company - a period which has included two successful capital raisings, the acquisition of the assets of Norwich-based Omega Consulting and the company's admission to AIM.
"We welcome Andrew, David and the existing clients of Finlay Gow into the AFH group.
"This acquisition marks the significant and growing importance of the company's expansion strategy, increasing the firm's geographical presence across the UK."
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