Thursday, 13 September 2012 15:06
Expanding advisory firm AFH adds ninth IFA firm to its business
AFH, a discretionary wealth management and independent financial advisory firm based in Bromsgrove, has today acquired its ninth IFA business since its IPO last year.
It has acquired Elgar Financial Limited, a Hereford-based IFA founded in 1992 by Andrew Sellers who is retiring due to ill health. Elgar has 70 active clients and a strong database with no other staff. The consideration for the Acquisition is £120,000 which has been satisfied in cash from AFH's existing resources.
AFH says it has has grown significantly in the period since its July interim results, where increased like-for-like revenues and recurring income of 20% and 29% respectively were reported. IFA adviser numbers have also grown from 53 at the time of flotation last year to 91 at the start of September.
AFH remains profitable, cash generative and believes it is well placed to take advantage of changes in the secbor as a result of December's Retail Distribution Review.
Alan Hudson, chairman and chief executive of AFH, said: "Today's ninth acquisition reaffirms the board's stated intention to grow through both organic and acquisitive growth.
"The remaining months of 2012 and through to 2013 present an exciting time for the group as it seeks to take advantage of the sector's rationalisation and consolidation, where it expects to be a major beneficiary of industry change".
It has acquired Elgar Financial Limited, a Hereford-based IFA founded in 1992 by Andrew Sellers who is retiring due to ill health. Elgar has 70 active clients and a strong database with no other staff. The consideration for the Acquisition is £120,000 which has been satisfied in cash from AFH's existing resources.
AFH says it has has grown significantly in the period since its July interim results, where increased like-for-like revenues and recurring income of 20% and 29% respectively were reported. IFA adviser numbers have also grown from 53 at the time of flotation last year to 91 at the start of September.
AFH remains profitable, cash generative and believes it is well placed to take advantage of changes in the secbor as a result of December's Retail Distribution Review.
Alan Hudson, chairman and chief executive of AFH, said: "Today's ninth acquisition reaffirms the board's stated intention to grow through both organic and acquisitive growth.
"The remaining months of 2012 and through to 2013 present an exciting time for the group as it seeks to take advantage of the sector's rationalisation and consolidation, where it expects to be a major beneficiary of industry change".
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