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AIM-listed Consolidator AFH Financial Group has acquired Wirral-based advice firm Broadleaf Financial Services for £3.2 million.

AFH announced the purchase of Broadleaf Financial Services Limited that would add £140m in funds under management to its business.

AFH announced the purchase of Broadleaf Financial Services Limited that would add £140m in funds under management to its business.


The wealth manager will gain four advisers as part of the deal while Broadleaf's directors, including principal adviser and founder John Shaw, have retired from the business.


In May AFH reiterated its commitment to providing an exit for retiring IFAs in the market, when it also announced a 68 per cent jump in funds under management for the group.


AFH has agreed to pay a maximum £3.2m for Broadleaf, with an initial payment of £1.7m and the remainder payable over a 26-month period and dependent on the performance of the business.


Alan Hudson, chief executive of AFH, said the company's most recent acquisition brings it total spend to £10.4m since it raised £20m from the stock market in July.


He said: "The acquisition has been completed on a similar attractive multiple to previous transactions and extends the AFH footprint in the North West of the UK.