AIM-listed wealth consolidator AFH Financial has acquired Edinburgh-based Finlay Gow & Company in a deal worth up to £675,000.
The move will boost AFH’s assets under advice by £40 million to £820 million and see Finlay Gow & Company’s two directors, Andrew Bandura and David Whigham, join the consolidator, growing adviser numbers to 127.
AFH will pay an initial £337,500 in cash, with a further possible £337,500 payable over the next two years depending on performance.
Finlay Gow & Company is the first Scottish company AFH has acquired, and its first deal since listing on AIM.
The consolidator joined AIM in June and earlier this month unveiled pre-tax profits of £540,000 for the six months ending 30 April 2014, a 50% rise on the same period last year.
Alan Hudson (pictured), chief executive of AFH, said: ‘This acquisition marks the significant and growing importance of the company's expansion strategy, increasing the firm's geographical presence across the UK.’