AFH Financial Group continues its acquisition spree with a $2.6 million buy of UK-based KL Plester Financial Services.

In the latest in a run of acquisitions, UK-based AFH Financial Group has bought KL Plester Financial Services for £1.7 million ($2.6 million). 

AFH's deal with the Kidderminster-based advisory firm marks its seventh acquisition since listing on AIM in June 2014. 

AFH will pay an initial amount of £745,200, followed by a further consideration of up to £972,000, payable over the next 26 months in two tranches, dependent upon the performance of Plester over the next couple of years.

Following their retirement, Plester's founder Keith Plester and managing director Jon Rowe will hand over their clients to AFH's team of advisors while the firm's director and shareholder, Peter Machin, will join as a financial advisor.

“It is good that the flexibility of our acquisition model accommodates the varying needs of the principals within the business,” said AFH's chief executive, Alan Hudson.

Hudson recently announced the company would be focusing its acquisition strategy on retiring IFAs. The latest deal swiftly follows the acquisition of Roxborough Consultancy earlier this month and adds around £600,000 of recurring annual revenue to the company pool.