Consolidator AFH Financial raises £1.6m for acquisitions

The company announced on Friday it had received commitments to subscribe for more than 1.15 million ordinary shares of 10p in the business at a price of 140p per share. The proceeds will be used to provide additional working capital for the company and to finance potential future acquisitions, it said. Last month, AFH announced that, for the year ended 31 October 2013, it posted pre-tax profits of £1m, up from £295,000 recorded in the previous 12 months. It had made six acquisitions over the year, which helped increase adviser numbers to 122, up from the 94 advisers at the firm in ...