AFH website
AFH Financial Group has struck a deal to buy SR Wealth Management for just under £200,000.
The Stock Exchange was informed this morning of Bromsgrove-based AFH's acquisition of Stoke-on-Trent firm SR Wealth, which has £10.2million of funds under management.
The deal comprises an initial £94,500 payment, with another £105,000 potentially being paid over the next 26 months.
Martin Bradshaw, the owner and vendor of SR Wealth, has decided to leave the industry and his company's clients will in future be serviced by existing AFH advisers.
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Alan Hudson, chairman and chief executive of AFH, said: "As expected, RDR continues to drive consolidation within the industry.
"We remain committed to capitalising on this opportunity by making well-timed, select investments that complement our dynamic business."
The acquisition is AFH's first of 2014 and seventh since the RDR.
