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.”