Wealth consolidator AFH Financial Group has acquired Premier Wealth Management Harrogate (PWMH), a York-based wealth business.

The deal marks AFH’s first takeover of its new financial year and will add more than £90m of funds under management to the consolidator’s books.

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AFH will pay a maximum consideration of £4.5m for the deal, which includes £2m in upfront cash payment. The upfront amount will be funded from the consolidator’s existing liquidity.

AFH will pay the balance over the next 26 months based on fulfilment of certain performance targets.

As part of the deal, PWMH managing director Richard Evans will join AFH. He will continue to service existing clients in Yorkshire, Bristol and Lincolnshire.

Evans’ daughter Lottie, along with other PWMH employees Andrew Huby and Tom Frane will also migrate to AFH.

“Frankly with the likes of MiFID and PI costs it’s becoming impossible to deliver the proposition we want for our clients at a cost that’s competitive. With AFH we’re going to be able to drive costs down for our clients while delivering a great investment proposition,” Evans noted.

AFH CEO Alan Hudson said: “This deal reinforces AFH’s place as a welcoming home for IFA businesses of all sizes, whether they’re looking to offer an even better service to their clients, grow their business or arrange an orderly exit from the industry.

“Joining forces with Richard and his team builds on recent acquisitions to further strengthen our presence in Yorkshire and the North East.”

In early October, another Yorkshire firm, Marchant McKechnie Independent Financial Advisers, was acquired by KB Wealth (formally European Wealth)