AFH has completed the acquisition of Colchester-based IFA Britton Financial for up to £2,081,000. The deal will see owner Ken Kerr retire and his clients now serviced by existing AFH advisers.
According to AFH, the initial consideration for the acquisition is £1.1m in cash, funded from its existing cash resources. Further deferred consideration will be payable in cash over the next 26 months in two tranches, the consolidator added, dependant upon performance criteria of the business acquired. "The maximum purchase price is based on the ongoing recurring revenue of the business subject to the fulfilment of certain financial targets," it continued. "For the financial year ended 31 May 2017, Britton achieved reported profit before tax of £352,551. The company estimates that, on a...
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