News

13
Nov

AFH continues its acquisition spree

Britton Financial Limited has been bought by the financial advice consolidator AFH in a £2m deal, making it the fourteenth business acquired by AFH during the current financial year.
Britton, an Essex-based IFA, reported a pre-tax profit of over £350k in the financial year ending 31 May 2017.
AFH’s CEO, Alan Hudson, commented on the transaction: “This first purchase of an IFA business during the current financial year demonstrates the continued high level of activity that we are seeing in the market.
“The latest acquisition enhances our position in the south east of England and continues our strategy of providing a stable and well capitalised business within which the clients of retiring IFAs can continue to receive appropriate professional advice and investment management.”
Ken Kerr, the director of Britton, will be retiring following the merger, with his clients being transferred to AFH’s existing advisers.
AFH has been particularly active in the consolidation market over the past year, and in January announced that they had put aside over £6.5m in cash reserves for acquisition purposes, resulting in significant external growth. In the year to the end of October, AFH has seen its revenues grow to £33m, an increase of 35%.
For more information on the M&A market and specifically selling your business to AFH, contact Gwill Evans – Gwill.Evans@gunnerandco.com.