Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Wealth firm raises £1.6m to fuel acquisition spree

Wealth firm raises £1.6m to fuel acquisition spree

AFH Financial has raised £1.6 million to fund acquisitions.

The financial advisory and discretionary wealth firm told the market it had received commitments to subscribe for a total 1,157,854 shares of 10p in the company at a price of 140p per share.  

'The proceeds of the Subscription, amounting to GBP 1.62 million (before expenses), will be used to provide additional working capital for the company and to finance potential future acquisitions,' the company said in its statement.

In February Bromsgrove-based AFH said it would be moving from the ISDX Growth Market to the AIM market on the view the latter will provide the firm with better growth opportunities.

At the time chief executive Alan Hudson (pictured) said: 'We believe that given the fundamentals of the business and the nature of  the  IFA market, the time has come for a move to AIM.  

‘The increased profile will assist the company in its aim to expand through strategic acquisitions and organic growth.'

AFH employs more than a 100 wealth advisers and provides an discretionary investment management service controlled by a team of 20 investment managers.

In January the firm acquired Stoke-on-Trent-based SR Wealth Management for around £200,000, its 20th acquisition since it listed on the ISDX in 2011.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: Brewin's Cardiff boss on the Welsh opportunity

Profile: Brewin's Cardiff boss on the Welsh opportunity

Prior to becoming head of Brewin Dolphin Cardiff, Welshman David Myrddin-Evans had only previously visited the city to watch the rugby.

Wealth Manager on Twitter