A Financial Planning firm has been taken over by AFH Financial Group.

CRS Financial Planning, an East Anglian based business, has been bought out in a deal worth up to £663,670.

Following the acquisition Chris Stapleton, the seller, will retire from the business and clients will be serviced by existing AFH advisers.

In a brief statement to the Stock Exchange this morning, AFH said: “Under the terms of the acquisition, the maximum consideration payable by AFH is £663,670, representing approximately 2.6% of the funds under management.

“An initial cash consideration of £378,920 has been paid upon completion, satisfied from the company's existing cash resources.

“Further deferred consideration of up to £284,750 will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets acquired from CRS.”