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AFH acquires Hindsight

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AFH has acquired the assets of Northampton-based Hindsight Financial Services, its third acquisition since listing on AIM in June 2014 and the 11th since the implementation of RDR.

The acquisition will immediately add GBP15m of funds under management, bringing the company's total funds under management to GBP840m and total adviser headcount to 136.
 
Under the terms of the acquisition, the maximum consideration payable by AFH is GBP281,250, satisfied by an initial cash payment upon completion of GBP140,625, followed by a further cash consideration of up to GBP140,625, payable over the next 26 months in two tranches and dependent upon performance criteria of Hindsight over the next two years.
 
Hindsight's director, Trevor Dimmock, will join AFH as an adviser and continue to service his clients.
 
The firm has also acquired the client bank of Jeff Seward & Partners, based in Cardiff, for up to GBP45,000, further supporting AFH's acquisition strategy of buying sole traders who wish to retire and exit the industry. The clients will be serviced by existing AFH advisers.
 
Alan Hudson (pictured), chief executive of AFH, says: "Today's transaction sees further geographical expansion of the AFH brand and continues to underpin the board's strategy of growing the business both organically and through select and opportune acquisitions.
 
"In a period of less than three months since moving from ISDX, the company is beginning to see the benefits of its AIM listing. The board remains focused on building a significant footprint within the UK and continuing to grow shareholder value."

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