AFH acquires Arden Court in £360k deal

Arden has total assets under administration of about £100m across some 2,500 clients and, in the financial year ended 31 May 2011, recorded gross profits of £418,000 on revenues of £1.01m. The acquisition marks Bromsgrove-based AFH's seventh since its IPO last year and will take its total number of advisers to 80, once nine from Arden Court have moved across. Nat Parmar, the current managing director of Arden, joins AFH as regional director for the north. The initial consideration for the acquisition is £362,000, comprising £337,000 in cash from AFH's existing resources and £25,000...