Wealth management firm AFH Financial Group has completed the takeover of rival IFA The Arden Court Group for an initial £362,000.
Bromsgrove-based AFH, which has a market cap of £12 million, said the takeover of Nottingham-based Arden was its seventh successful acquisition since its IPO last year.
It said Arden was a respected IFA providing services to high net worth individuals and small to medium sized enterprises throughout the UK and Europe
Arden currently has about 2,500 clients whose total assets amount to around £100 million
Arden made a gross profit of £418,000 on revenues of £1.01 million in the year to May 31.
Following the acquisition, nine of Arden’s advisers will be integrated into AFH’s Bromsgrove headquarters, taking AFH’s total number of advisers to 80, up from 53 at the time of its 2011 IPO.