AFH, a UK-based financial planning led wealth management firm, has acquired Bay Financial Management, a Devon-based IFA.

AFH will pay a maximum consideration of £1.4m for the transaction. It already made an initial payment of £595,000 from its existing cash resources. It will pay a further £805,000 over the next two years in two tranches based on Bay Financial’s performance.

The deal will add around £73m to AFH's funds under management. Bay adviser Seamus Coleman, Simon Durant and Nigel Hull have joined AFH as part of the deal.

AFH CEO Alan Hudson said: "This acquisition continues to strengthen our presence in the South West and I look forward to working with Seamus, Simon and Nigel to further develop AFH. The acquisition of Bay is our fifth acquisition this year and will be integrated in line with our established model to enhance shareholder value during the current financial year.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData