News

10
Apr

AFH makes fourth acquisition of 2018

Advice firm and consolidator AFH, has recently purchased Hertfordshire-based firm, Mark Hughes & Associates. This marks the fourth deal for AFH in 2018.
AFH will spend up to £1.6m throughout the purchase, dependent upon the ongoing profitability of the company.
Alan Hudson, chief executive of AFH, said: “I am pleased to report our sixth acquisition of the financial year which further strengthens our presence in the Home Counties.
“I am pleased to welcome Mark and his team to AFH and look forward to working with him to continue our growth in this region for the benefit of our new clients and to increase shareholder value.”
The acquisition, which will see AFH making a purchase a month on average, is expected to contribute around £600,000 of revenue to the company, whilst also adding more than £50m to its funds under management.
The initial consideration is £700,000 in cash, which will be funded entirely from AFH’s cash resources. Looking forward, more may be payable in cash over the next 26 months in two pairs, dependent upon performance.
The bought firm, Mark Hughes & Associates, has 300 clients across London and the Home Counties.
Mr Hughes, who previously worked at Lloyds Bank before starting his own firm, stated: “I wanted to make sure my clients got the benefits of the latest developments in the industry, but keeping abreast of the changes takes time, and I didn’t want to spend less time with my clients as a result.”
“The solution was to join forces with AFH, so I’m free to devote all my efforts to delivering the best outcomes for my clients, supported by the in-house expertise and administration team that AFH provides.”