AFH has bought Bedfordshire-based Ashton House IFA for up to £2.6m, in a deal that represents the consolidator's 13th acquisition of the year and fourth in a fortnight.
As a result of the transaction, AFH said, Ashton house founder Tony James will join the group as a financial adviser and continue to support his existing client base, "while developing the AFH presence in the Home Counties". AFH will pay an initial £1.05m for the business and could make up the rest of the £2.6m fee over the next 26 months, subject to "enhanced performance criteria". The Bedfordshire firm made a pre-tax profit of £370,000 in the year to October 2017 although, according to AFH, on a post-acquisition pro-forma basis, it would have made an estimate profit of £500,000. ...
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