Three adviser firms have been taken over by AFH for a combined fee of up to £1.9m, it was revealed this morning.

The deals bring the number of acquisitions by AFH this year to ten.

Granville Bates, Johnson Birkett and G-Force Financial, based in the Cotswolds, Yorkshire and Cheshire respectively, have been acquired.

Following the acquisitions the vendors will retire and their clients will be serviced by existing AFH advisers.

Granville Bates was founded by Michael Forbes Bates in 1990, following two years as a divisional director of Hambros Bank's Countrywide IFA civision.

G-Force Financial’s managing director Graham Fenton DipPFS, an ex-Chartered Surveyor, has been working in the industry for 30 years and offers all types of financial advice.

AFH Financial Group was founded by Chartered Financial Planner and current chief executive, Alan Hudson, in 1990.

Acquisitions are expected to contribute an aggregate of approximately £500,000 of recurring revenue to the company, AFH said in a statement.

The initial fee is £1m in cash, funded from the company's existing cash resources. Further deferred consideration of up to £0.9m in cash will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets acquired.

Alan Hudson, chief executive of AFH, said: "The acquisitions represent our eight, ninth and tenth this year and demonstrate the increasing level of activity that we are seeing in the market.

“The client base reflects the continued national expansion of AFH and will be integrated in line with our established model.

"The company continues to seek high quality businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders."