Harwood Wealth Management has completed the purchase of AE Financial Services for £4.6m, it was confirmed yesterday.
The purchase was confirmed for up to £4.6m plus £1.54m in respect of net cash balances.
The acquisition continues Harwood’s recent expansion programme and provides the company with a strategic hub in Southampton, on the southern English coast. David Hayward, director of AE Financial, will remain with the company. This is the Group’s most significant acquisition to date and demonstrates Harwood’s growing scale and capabilities.
For the year ended 31 December 2017, AE Financial reported revenue of £1.3m and profit before tax of £0.5 million, both unaudited. The business has assets under influence of £130m.
Commenting on the acquisition, David Hayward, director of AE Financial said: “We are very pleased to be joining such a well-respected and successful Group. I am confident that Harwood will be a perfect fit for our team and allow us to develop the business and continue to provide high quality and dedicated advisory services to our clients. We very much look forward to joining the team.”
Peter Mann, non-executive chairman of Harwood Wealth Management Group, added: “AE Financial is a strong addition to the Group and we look forward to welcoming both the team and clients to Harwood Wealth. As well as further augmenting our presence in a key area of the UK, this acquisition continues to build upon our successful model of acquiring IFA firms who share our values and culture. We look forward to continuing to deliver on our strategy, driving growth organically and through further M&A in the period ahead.”