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Bromsgrove adviser swoops on two IFAs in £190k deal

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Bromsgrove adviser swoops on two IFAs in £190k deal

Bromsgrove-based adviser AFH Financial Group has bought two IFAs in a deal worth a combined £191,000.

AFH has bought Buckinghamshire-based Racol Financial Services for £160,000 and Redditch-based Seager Financial for £31,000.

Racol founder Ray Collingridge will retire following the transaction but his daughter will transfer to AFH and remain an IFA. Seager Financial founder Ian Seager will meanwhile step down as an IFA but join AFH as a member of its business development team.

Seager was formerly a member of the Lighthouse network while Racol was part of the On-Line Partnership.

The deals mean AFH has now acquired 12 firms since its initial public offering onto the Plus stock exchange.

AFH chief executive Alan Hudson (pictured) said the deals showed the opportunities the retail distribution review was providing for acquisitions. ‘Today’s transactions continue our strategy of growing the business both organically and through select and opportune acquisitions,’ he added.

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