Wealth consolidator AFH acquires Core Financial Services as well as the assets of Core Corporate Planning. The deal marks the consolidator’s 16th acquisition of this year.
AFH will pay a maximum consideration of £7.7m for the purchase, including an upfront cash payment of £3.2m that will be financed using its existing liquidity.
The remainder will be paid in cash over the next 26 months, based on the performance of the acquired assets.
Core founder and CEO Mark Sutton along with nine advisers and their support staff will remain with the business.
The deal adds over £230m in funds under management to AFH’s portfolio.
AFH CEO Alan Hudson said: “The acquisition of Core is our sixteenth transaction of the year and significantly expands AFH’s position in the South East.
“I am pleased to welcome Mark and his team to AFH and I look forward to working with them to further the development of the AFH brand and continue our growth for the benefit of our new clients and to increase shareholder value.”
Last week, the consolidator acquired the Welsh Colwyn Bay office client book of collapsed discretionary fund manager Beaufort Securities from its administrators.