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AFH buys Yorkshire IFA for £2.9m

AFH buys Yorkshire IFA for £2.9m

AIM-listed AFH will pay an initial cash consideration of £1.5 million, with a further £1.4 million due over the next two months depending on targets being met. 

Corville Financial Services directors Debbie and Nick Burchall will join AFH as advisers following the deal, as will one other employed adviser at the firm. 

Alan Hudson (pictured), chief executive of AFH, said the deal would boost the consolidator's presence in Yorkshire. 

'This latest acquisition, our eighth of the financial year, continues to consolidate our national distribution within the core AFH client base,' he said.

'I am pleased to welcome Debbie and Nick together with their team to AFH. I look forward to working with them to consolidate our presence in North Yorkshire and continue our growth for the benefit of our new clients and to increase shareholder value.'

Earlier this month, AFH shares rose 10% after it posted half-year results that showed a 177% post-tax profit rise to £2.5 million. This was despite a warning that increased competition was pushing up the price of buying advice firms. 

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