AFH Financial buys two IFAs for £1.1m

The advice firm agreed to pay £585,000 for Derby-based Quest and a further £489,345 for Blackburn-based Phoenix. The acquisitions formed the eleventh and twelfth adviser buyouts since the company listed on AIM in June last year. They followed AFH's largest acquisition to date, of national IFA firm Independent Financial Services for £4.1m in April. Related reading: AFH extends fundraising drive as investment nears £2m AFH estimates the firms will add about £320,000 of recurring revenue to the company. AFH paid £292,500 in cash upfront for Quest and agreed to pay a further £292...