AFH Financial Group, an independent financial advisory (IFA) and discretionary wealth management firm, has acquired Shape Financial, an FCA authorized IFA.
AFH has paid initial consideration of £125,000 for the acquisition of Shape Financial. The amount has been satisfied in cash from the company’s existing resources.
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Additional consideration, up to a maximum of £1.5 million in total, may be payable after 15 months and 27 months, depending on the profitability of Shape Financial in the two years following its acquisition.
Shape Financial reported a turnover of £1.5 million in its most recently completed financial year.
AFH stated that the acquisition brings 16 new advisers, including all five shareholder directors of Shape Financial, to the company’s current total of 104 advisers. The new advisers will continue to operate out of Shape Financial’s Somerset-based office.
Alan Hudson, chairman and CEO of AFH, said: "Today’s acquisition further advances our successful strategy of growing the company both organically and through select and well-timed acquisitions. Importantly, Shape Financial is a strong cultural fit for AFH and their Somerset outpost provides a platform from which the company can extend its reach into the South West region."
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