AFH Financial, a UK-based financial planning led wealth management firm, has purchased the assets of independent financial adviser CRS Financial Planning, adding £25m to its funds under management (FUM).
CRS vendor Chris Stapleton will retire from the business and CRS customers will be serviced by AFH existing advisers.
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Under the terms of the deal, AFH will pay £663,670 that will represent nearly 2.6% of the FUM.
AFH said that a sum of £378,920 will be paid upon completion, while deferred consideration of up to £284,750 will be payable in cash over the next 26 months in two tranches.
AFH CEO Alan Hudson said: "The acquisition of the assets of CRS follows the strategy, established by the Company when we listed on AIM in June 2014, of making selective acquisitions to develop our expansion nationally and leverage our central investment and support functions.
"The Company continues to seek high quality businesses that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders."
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