Midlands-based AFH Financial Group, a financial planning led wealth management firm, has announced the acquisition of Harrison White based in Tring, Hertfordshire.
The maximum purchase price is £738,000 based on the ongoing gross profitability of the business subject to the fulfilment of certain financial targets, also following the acquisition Steve White will join AFH Financial Group as an adviser.
Alan Hudson, chief executive at AFH, commented: “I am pleased to report our fourth acquisition of the financial year which further strengthens our presence in the home counties. Steve maintains a strong local network through his sporting connections and I look forward to working with him for the benefit of our new clients and to increase shareholder value.”
The acquisition is expected to contribute an aggregate of approximately £410,000 per annum of revenue to the company whilst adding £55 million of funds under management.
The initial consideration for the acquisition is £362,280 in cash, funded from the company’s existing cash resources.