British wealth firm AFH Financial Group, has acquired the assets of Cornwall-based chartered financial planner Knight O’Byrne for £1.2m.
The acquisition will add £51m of funds under management to AFH Financial and also takes AFH’s funds under management above the £900m mark.
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The deal comprises an initial cash payment upon completion of £525,000, followed by a further cash consideration of up to £675,000, payable over the next 26 months in three tranches and depending upon performance criteria of Knight O’Byrne over the next two years.
As part of the deal, Diane Knight and Bridget O’Byrne will join AFH as advisers.
This is AFH Financial’s fourth acquisition since listing on AIM in June 2014.
The deal follows the takeover of Northampton-based Hindsight Financial Services and Cardiff-based Jeff Seward & Partners in September this year.
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By GlobalDataAlan Hudson, CEO of AFH, said: "Shareholders can expect continued strong news flow over the forthcoming period, and the company looks forward to providing the market with an update on trading in due course."
