Serial acquirer AFH Group has announced a £4.2m ($5.4m, €4.7m) deal that strengthens its presence in the south-west of England and in the life insurance and protection sphere.
Under the agreement, all 60 members of staff at Lyn Financial Services (LFS & Partners) will join financial planning firm AFH, giving the group more than 200 advisers across the UK.
AFH will also take over Lyn’s offices in Barnstaple, Taunton and Minehead.
The deal is one of AFH’s largest to date, with Lyn’s £300m taking AFH’s funds under management to more than £3.8bn.
AFH chief executive Alan Hudson said: “This is a very significant deal for AFH, giving us three valuable hubs to increase our service to clients in the south-west and west as well as increasing our presence in the still-underserved protection market.”
Started in one room
Lyn boss James Tucker added: “This is a great deal for Lyn’s 5,000 clients, who will receive the same service, delivered by the same advisers and staff, but with the added advantage of AFH’s back-office support and investment expertise.
“The business has grown beyond what I ever thought possible when I started in one room back in 1990, and having met the guys at AFH it seemed right to join forces.”
Tucker’s team also operates website Life Assure Online, which offers online quotes for life and critical illness insurance and other protection products.
It currently has around 15,000 policyholders across the UK.
12 acquisitions in a year
Since October 2017, AFH Group has made a dozen acquisitions: