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AFH acquires Omega Consulting

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AFH Financial Group has acquired the assets of Omega Consulting (Norwich) Ltd, its second acquisition in 2014 and its eighth since the implementation of the Retail Distribution Review (RDR) on 1 January 2013. 

Omega is based in Norwich with approximately GBP14 million of funds under management and recurring income of GBP39,000 per annum.
 
The director and owner of Omega has taken the decision to leave the industry and Omega's clients will be serviced by existing AFH advisers after the transaction completes.
 
The consideration for the acquisition comprises an initial cash payment of GBP28,500; further consideration, up to a maximum of GBP88,500, may be payable over a 26-month period following the acquisition based on the performance of Omega during that period.
 
Alan Hudson (pictured), chief executive of AFH, says: "We welcome the existing clients of Omega and look forward to bringing them on board at a pivotal time for the company as we progress our move to AIM."

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