A Devon based Financial Planning business has been snapped in a £2.85m deal.
AFH, a Financial Planning led investment management firm, has bought out Davisons Financial Management.

The acquisition of Davisons is the thirteenth by AFH since the Company listed on AIM in June 2014.

Advisers at Davisons jave joined AFH as part of the deal, which is initially £1m, but could rise to a total of £2,856,000 depending on the profitability of DFM over the next 24 months.

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Davisons is the Financial Planning division of Davisons Chartered Accountants, which will continue to act as an introducer.

The adviser firm will continue as a trading style of AFH.

Alan Hudson, chief executive of AFH, said: "I am pleased to welcome current managing director of Davisons, John Wright and his team to AFH and look forward to developing the existing relationship with DCA to drive the expansion of AFH in the South West region.

“The structure of this deal, which enables the vendors to participate in any future uplift in revenue and profitability through the issue of the Consideration Shares and will be held for a minimum period of three years, reflects their belief that the sector has significant potential and that our business model is value enhancing."