Wealth manager AFH Financial has bought Bay Financial Management, an IFA firm based in Honiton, Devon, in a deal that adds approximately £73m to AFH's funds under management and could ultimately be worth up to £1.4m, depending on performance.
According to AFH, an initial payment of £595,000 was made from its existing cash resources as the deal completed. Further deferred consideration of up to £805,000 will be payable over the next 24 months in two tranches, depending on set performance criteria for Bay over the period. As a result of the acquisition, Seamus Coleman, Simon Durant and Nigel Hull have joined the AFH Group. AFH chief executive Alan Hudson said: "This acquisition continues to strengthen our presence in the South West and I look forward to working with Seamus, Simon and Nigel to further develop AFH. "The acquis...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
