According to MoneyMarketing, the most recent acquisition of AFH Financial Group was a GBP725,000 deal for Cheltenham-based IFA firm Specialist Solutions.
Specialist Solutions was fined GBP35,000 by the FSA in April 2011 for promoting unregulated collective investment schemes to clients without properly assessing suitability, MoneyMarketing added.
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Further, the acquisition was the firm’s eighth since it floated in June 2011.
It was in April 2012 that AFH bought The Arden Group in a deal worth up to GBP924,000.
In its recent interim results announced, AFH Financial Group reported a 20% increase in its revenues from GBP2.5 million in 2011 to GBP3 million in 2012, while its earnings before taxes, depreciation and amortization stood at GBP262,248.
The group has also increased its adviser numbers by 66% from 53 at flotation to 88, MoneyMarketing stated.
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