Consolidator AFH has acquired the client portfolios of Wiltshire-based Emery Little Financial Services, marking its fourteenth deal of the year.
Emery Little has nearly 700 clients, mostly in Wiltshire, Dorset as well as Hampshire.
AFH will pay up to £1.6m for the acquisition, which includes an initial cash payment of £870,000. This payment will be funded from the consolidator’s existing liquidity.
The remaining payment will be made in cash over the next 26 months, based on the performance of the acquired assets.
As part of the deal, Emery Little director Derek Gibbens will join AFH as an adviser and will continue to serve his existing clients.
Emery Little senior adviser Brian Little will retire, while his clients will migrate to AFH.
AFH CEO Alan Hudson said: “Our fourteenth acquisition of the financial year is the client portfolio of an established IFA business in Wiltshire.
“I wish Brian well in his retirement and am pleased to welcome Derek to AFH. I look forward to further developing the Company’s presence in the South and providing Emery’s existing clients with the advantages of the AFH proposition.”
Earlier this month, AFH marked its thirteenth acquisition of the year with the purchase of Bedfordshire-based Ashton House IFA for a maximum consideration of £2.6m.