AFH acquires Devon-based IFA for up to £1.4m

Fifth acquisition this financial year

clock • 1 min read

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...

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