AFH has bought the South-Yorkshire firm in a deal worth up to £500,000, purchasing the company’s client portfolios, the consolidator has said in a statement.
Funded from AFH’s cash resource, the initial consideration for the deal is £257,000; this accompanies further payments, which will be paid over the next 26 months in ‘two tranches’, with consideration of the performance of Lifetime Investment and Seminar Services.
Mark Penty, the principal at Lifetime Investment and Seminar Services, will retire, following 35 years in financial services. Lifetime Investment and Seminar Services was set up by Mr. Penty in 2011.
In a statement regarding the sale, he said, “As a sole adviser I decided after 35 years in financial services that the operational challenges of implementing all the new regulatory requirements are a challenge too far.
“The needs of my clients will clearly be better met by a larger firm. The in-house expertise and national reach of AFH mean my clients will continue to be dealt with at a local level and receive a top-quality service in the future.”
Mr. Penty has around 300 clients,primarily in south and west Yorkshire and Lincolnshire. This is the fifth acquisition AFH has made this year.
This deal secures what has been described as a “strategy of providing a stable and well-capitalised business within which successful IFAs can continue to provide their clients with professional advice and investment opportunities, both on a personal basis and in retirement,” Alan Hudson, chief executive of AFH, said.