AFH, a UK-based financial planning led wealth management firm, has snapped up the client portfolios of South Yorkshire-based advice business Lifetime Investment and Seminar Services.
The consolidator will pay a maximum consideration of £500,000 for the deal, with an initial cash consideration of £257,000 financed by its own resources.
The remainder will be paid in two tranches over next 26 months based on the performance of the acquired firm.
Lifetime Investment and Seminar Services principal Mark Penty, who founded the firm in 2011, will retire. The firm’s 300 clients, mainly based in South and West Yorkshire and Lincolnshire, will now be served by AFH advisers.
AFH CEO Alan Hudson said: “This latest acquisition, the fifth during the current financial year, continues our strategy of providing a stable and well capitalised business within which successful IFAs can continue to provide their clients with professional advice and investment opportunities, both on a personal basis and in retirement.”