AFH Financial Group, a UK based independent financial advisory and discretionary wealth management firm, has raised £2.8 million to fund its acquisition strategy.
The fundraising, supported through an equity and bond issue, will also provide the firm with additional working capital.
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AFH has received firm commitments from investors to subscribe for 1.9 million shares in the company at a price of £1.09 per share.
In addition, it expects to raise £750,000 through the issue of unsecured bonds, which are due to start trading on 16 September 2013.
The firm has paid a maiden dividend in May 2013 and remains debt free.
The firm has carried out 14 acquisitions since floating in June 2011 and adviser numbers have grown from 53 to 120.
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By GlobalDataAFH chairman and CEO, Alan Hudson, said: "Today’s fundraising is a strong endorsement of the company’s organic and acquisitive business strategy, executed against the background of a tight credit market.
"AFH is well-funded, debt-free, dividend paying and perfectly positioned," Hudson added.
