Financial planning firm AFH Financial Group has acquired Nottingham-based independent financial adviser (IFA) Clarendon Financial Solutions in a deal valued at £461,100.
The initial consideration of the deal will comprise a cash payment of £230,550 with a further deferred consideration of £230,550 payable in cash over the next 26 months depending on Clarendon’s performance of over the next two years.
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The purchase of Clarendon will become the ninth acquisition by AFH since it has been listed on AIM in June 2014, adding about £25m in funds under management to the company.
AFH Financial CEO Alan Hudson said: "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."
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