AFH Financial buys IFA for £2.9m

AFH has taken on the advisers of Devon-based Davisons as part of the deal. The acquisition followed a reorganisation at Davisons' parent company Davisons Chartered Accountants (DCA), which will continue to act as an introducer. AFH has so far paid £1.07m for Davisons funded from existing cash resources and will issue 71,915 new shares of 146p each on 11 August. The total deal value will be based on the profitability of the firm over the next 24 months. This marked AFH's thirteenth acquisition since the company listed on AIM in June 2014. It followed those of IFAs Quest Financ...