Consolidator AFH buys national IFA in 'milestone' £4.1m deal

The Stroud-based firm was bought on 30 April and is AFH's tenth acquisition since its AIM listing in June last year.  The latest deal sees its funds under management rise to about £1.7bn. IFS has 35 IFAs and numerous national affinity group relationships, the consolidator said in a note to the stock exchange. For the year ended 28 February 2015, IFS's revenues were £3.09m, of which £2.6m was recurring, and profit before tax amounted to £0.23m. The net assets of IFS as at 28 February 2015 were £0.24m. AFH said the maximum it cost for IFS would be £4.1m based on the performance ...