AFH Financial Group has acquired Norwich-based Omega Consulting for £117,000.
The acquisition marks as AFH Financial’s second acquisition in this year and the eight since the retail distribution review (RDR) was implemented on 1 January 2013.
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The deal comprises an initial cash payment of £28,500 from AFH Financial, and a further cash consideration of up to a maximum of £88,500 depending on the performance of AG Financial in the 26 months following completion.
The acquisition will see the director and owner of Omega, Peter Wilson and Nicolas Turne, leaving the industry.
Following the deal, Omega’s clients will be serviced by existing AFH advisers.
Omega currently has £14 million of assets under advice and around £39,000 in recurring revenue.
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By GlobalDataAlan Hudson, CEO of AFH, said: "We welcome the existing clients of Omega and look forward to bringing them on board at a pivotal time for the company as we progress our move to AIM."
