AFH continues acquisition spree with £7.7m deal for Kent firm

UK-based wealth manager AFH has completed the acquisition of Core Financial Holdings in what marks its 16th acquisition this year for the company.

As a result of the transaction, which adds £230m to AFH’s funds under management, Core chief executive Mark Sutton together with nine advisers and their support staff, will join the group.

The firm will also take on subsidiary Core Financial Services, a directly authorised firm based in Maidstone, Kent, together with the assets of Core Corporate Planning Limited, as part of the deal.

AFH is paying a maximum of £7.7m for the business with an initial payment of £3.2m.

“I am pleased to welcome Mark and his team to AFH and I look forward to working with them to further the development of the AFH brand and continue our growth for the benefit of our new clients and to increase shareholder value,” AFH chief executive Alan Hudson said.

Sutton and colleagues started Core in 2004, and the company currently advises around 2,500 clients along the south coast and in Nottingham and London.

Sutton, who has 30 years’ experience in financial services, said: “I believe AFH’s support expertise and service proposition mean we’ll be able to offer our clients a better service and better investment outcomes.

“And we’ll have more time to spend with our clients, sounds like a win-win to me.”

Over the past weeks, AFH has made six acquisitions:

– Emery Little Financial Services (£1.6m)
– Beaufort Securities collapsed discretionary fund manager’s Colwyn Bay office (£250,000)
– Ashton House (£2.6m)
– Harvey Curtis (2.6m)
– Lyn Financial Services (£4.2m)
– HTH client portfolios and its subsidiary companies Thomas Heald and Thomas Heald Solutions (£5.1m)

For the 12 month period ended 31 March 2018, the Core businesses reported combined revenues of £3.8m and profit before tax of £180,000.

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Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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