British wealth consolidator AFH Financial Group has acquired Warwickshire-based Groom Associates for a maximum consideration of £615,000.
The deal includes an initial consideration of £321,000, which will be paid from the company’s cash reserves. The remaining amount will be paid in cash over the next 26 months.
The deal amount is subject to Groom’s performance criteria.
After the completion of the acquisition, Bill Groom and Annabelle Duncan will leave the firm and AFH advisors will serve their clients.
Commenting on the acquisition, AFH CEO Alan Hudson said: “Our eighth acquisition of the financial year is the client portfolio of an established IFA business in Studley.
“I wish Bill and Annabelle well in their retirement. The business provides a complimentary fit to AFH’s core business and I am confident that Groom’s existing clients will benefit from the advantages of the AFH proposition”.
Last month, AFH decided to put a pause on its acquisition strategy citing uncertain political and economic landscape.
In September, AFH bought Broadleaf Financial Services for £3.2m and Mulberry Independent Financial Advisers and AE Garment Independent Financial Services for £7.2m
Earlier this year, AFH bought West Midlands-based Hayburn Rock Group and its subsidiary companies.
Last December, AFH made its largest-ever acquisition by buying advisory firm CTL Three and its subsidiaries based in Hull in a deal worth up to £10m.