AFH Financial Group, a UK-based IFA firm, has acquired the assets of Edinburgh-based Finlay Gow & Company in a deal worth up to £675,000.
The acquisition marks AFH Financial’s first acquisition since listing on AIM in June 2014 and its ninth acquisition since the implementation of RDR.
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The deal will expand AFH Financial’s presence into the Scottish market.
AFH Financial said that the deal will comprise of an initial cash payment of £337,500 and a further cash consideration of up to £337,500 payable in two tranches depending on performance of Finlay Gow over the next 26 months following completion.
The acquisition will add adds £40m in funds under management to AFH Financial and also takes AFH’s total adviser numbers to 127.
Following the deal, Finlay Gow directors Andrew Bandura and David Whigham will join AFH as advisers.
Finlay Gow reported recurring revenues of £175,000 during the financial year ended 31 March 2013.
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By GlobalDataAlan Hudson chief executive of AFH said: "The last quarter has seen a significant level of activity at the company – a period which has included two successful capital raisings, the acquisition of the assets of Norwich-based Omega Consulting and the company’s admission to Aim.
"We welcome Andrew, David and the existing clients of Finlay Gow into the AFH group. This acquisition marks the significant and growing importance of the company’s expansion strategy, increasing the firm’s geographical presence across the UK," he added.
