AFH Financial makes thirteenth acquisition this year

Wealth management firm AFH Financial has made its thirteenth acquisition of the year, this time picking up Ashton House for a maximum purchase price to £2.6m.

AFH will pay an initial consideration of £1.05m for the Bedfordshire-based authorised firm, funded from the group's existing cash resources.

The AIM-listed group revealed that further deferred consideration would be made in cash over the next 26 months, subject to Ashton House meeting the enhanced performance criteria laid out in the deal.

In its last financial year, Ashton House made a pre-tax profit of £370,000.

Alan Hudson, AFH's chief executive, said: "The acquisition of Ashton House extends AFH's client base and coverage within the Home Counties and complements other acquisitions made in 2018, including Harrison White and Monopoly Financial Consultants, which were announced earlier this year."

As of 0900 BST, AFH shares had climbed 8.4% to 413p.