AFH, a UK-based financial planning led wealth management firm, has acquired three independent financial advisory firms, namely Cotswolds-based Granville Bates, Yorkshire-based Johnson Birkett and Cheshire-based G-Force Financial.
The combined maximum consideration for the deals is £1.9m. AFH will initially pay £1m in cash from its existing cash resources and a further £900,000 in cash over the next 26 months depending on the performance of the assets acquired.
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The sellers will retire following the takeovers, and their clients will be served by existing advisers of AFH.
AFH expects the deals to add about £500,000 of recurring revenue.
AFH CEO Alan Hudson said: “The acquisitions represent our eight, ninth and tenth this year and demonstrate the increasing level of activity that we are seeing in the market. The client base reflects the continued national expansion of AFH and will be integrated in line with our established model.”
