Under the terms of the acquisition, the maximum purchase price is £631,000 ($855,000), subject to the fulfilment of certain financial targets.

UK wealth manager AFH Financial has completed the acquisition of the assets of Hertfordshire-based financial planner Monopoly Financial Consultants, as part of its long-term growth plan.

Following the acquisition, Monopoly director Nigel Parbrook will join AFH as an advisor, the firm said in a statement.

Under the terms of the acquisition, the maximum purchase price is £631,000 ($855,000), subject to the fulfilment of certain financial targets. The acquisition is expected to contribute about £170,000 of recurring revenue to the company. 

The initial consideration for the acquisition is £333,000 in cash, funded from the company's existing cash resources. Further deferred consideration will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the business acquired. 

"This is our third purchase of an IFA business for the current financial year, reflecting our strong pipeline of acquisition targets,” said Alan Hudson, chief executive of AFH. “This latest acquisition further increases our capacity in the South East of England and I look forward to working with Nigel for the benefit of our new clients and to increase shareholder value."

In November, this publication reported that AFH Financial had acquired Essex-based Britton Financial for £2 million.