Consolidator AFH Financial Group has acquired Quest Financial Management and Phoenix Independent Financial Services in a deal worth more than £1m.
AFH has purchased the assets of Phoenix Independent in Blackburn for £489,345. The deal includes an initial consideration of £240,250 and deferred consideration of £249,095 that will be paid over the next 26 months in two tranches based on Phoenix’s performance.
Under the term of the deal, AFH has acquired bought Derby-based Quest Financial for a maximum consideration of £585,000.
AFH has paid an initial amount of £292,500 and will pay a further £292,500 over the 26 months in two tranches subject to the company’s performance.
As part of the acquisition, Quest’s two advisers have left the business with AFH staff taking over their client relationships.
AFH said that two adviser acquisitions will add about £320,000 of recurring revenue to the company.
Alan Hudson, chief executive of AFH, said: "These are the eighth and ninth acquisitions made during this financial year which has seen AFH continue to leverage its centralised administration and support functions to develop its expansion nationally."