News

2
Oct

AFH acquires Duchy Wealth Management

AFH Wealth Management has purchased the Cornish financial advice firm Duchy Wealth Management for £630k. The initial consideration is £310k with a deferred consideration of up to £320k, payable in cash.
The Truro-based firm Duchy achieved a pre-tax profit of over £285k in the year to the end of March. AFH’s chief executive, Alan Hudson, is optimistic about the merger, which will add £60m in funds to AFH’s management:
“This 13th purchase of an IFA business during the current financial year demonstrates the continued high level of activity that we are seeing in the market. The latest acquisition enhances our position in the south west of England.”
Duchy’s director, Simon Holdsworth, will be transferred to AFH as an adviser. Hudson commented:
“I am pleased to welcome Simon to AFH and look forward to working with him to continue our growth in this region.”
For more information on the M&A market and specifically selling your business to AFH, contact Gwill Evans – Gwill.Evans@gunnerandco.com.