Worcestershire-based AFH Financial has acquired Hemel Hempstead-based CH Financial in a deal worth £1 million.
The move marks the firm’s fifteenth acquisition since listing on ISDX in June 2011 and the second since the retail distribution review (RDR) was implemented on 1 January 2013.
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The deal will see CH Financial head David Chenkin join AFH Financial.
The acquisition will add over £70 million of funds under management to AFH Financial.
The deal comprises an initial cash payment of £360,000 and a further consideration, up to a maximum of £640,000, could be payable over the next 26 months depending on the performance of CH Financial in that period.
Alan Hudson, chairman and chief executive of AFH, said: "With RDR fully implemented, we are delighted to announce today’s acquisition as we further advance our position in the South East of England.
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By GlobalData"The last six months has seen a period of high activity at the Company. AFH is a dividend paying business with a strong balance sheet, offering potential partners and investors access to a fast growing, acquisitive public company," he added.
In the year ended 31 March 2013, CH Financial had revenues of £559,000 of which £333,000 comprised recurring income.
