Consolidator AFH Financial has snapped up the client portfolios of advisory business HTH (Group) and its subsidiaries Thomas Heald and Thomas Heald Solutions.
The acquired entities are based in Chesterfield, with branches in Leeds and Doncaster.
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AFH will pay a maximum consideration of £5.1m for the deal, which is the firm’s 11th purchase in its financial year.
The consideration includes an initial cash payment of £2.3m, which will be financed from the consolidator’s existing cash reserves.
The remaining consideration will be paid in cash over the next 26 months based on the performance of the acquired assets.
As part of the deal, 26 financial advisers will migrate to AFH including principals Nick Thomas, Chris Holland and Nick Heald.
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By GlobalDataAFH CEO Alan Hudson said: “Our eleventh and largest acquisition of the financial year is the purchase of an established IFA business in Derbyshire and Yorkshire providing both financial planning and mortgage and protection services to a large client base.
“I am pleased to welcome Nick Thomas, Nick Heald and Chris Holland, together with their team, to AFH. I look forward to working with them in the future and to provide their existing clients with the benefits of the full range of AFH services. The market remains buoyant and our pipeline of opportunities continues to expand across the country.”
