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Wealth firm to join AIM to fund 'strategic' acquisitions
by Dylan Lobo on Feb 19, 2014 at 07:44
AFH Financial has outlined plans to move to AlM market in the second quarter to fund a fresh acquisition spree.
Shares in the wealth and advisory firm are currently listed on the ISDX Growth Market and it believes a switch to AIM will provide it with better growth opportunities.
In a statement to the Stock Exchange, AFH said it believes it has made sufficient progress to join AIM and that the move would help the company attract new investors and improve its profile.
The Bromsgrove-based firm also said the float would help it raise capital to fund acquisition opportunities.
AFH chief executive Alan Hudson (pictured) told the market ‘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.
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