Wealth consolidator AFH has completed the acquisition of CWP Financial Services, a Kent-based advisory firm.
CWP was set up 17 years ago by Bob Perry, who will now retire. The firm’s clients will be serviced by current advisers of AFH.
AFH will pay a maximum of £890,000 for the deal. This includes an initial cash payment of £470,000, which will be funded through the consolidator’s existing liquidity.
The balance will be paid in cash over the next 26 months in two tranches, based on the fulfilment of certain performance targets by the acquired entity.
AFH CEO Alan Hudson said: “This latest acquisition further enhances our position in the South East of England and continues our strategy of providing a stable and well capitalised business within which the clients of retiring IFAs can continue to receive appropriate professional advice and investment management.”
The acquisition of CWP marks the second deal of AFH’s new financial year.
Earlier this month, AFH acquired Premier Wealth Management Harrogate for a maximum consideration of £4.5m.
The acquisition of Premier added over £90m of funds under management to the consolidator’s portfolio.