A London-listed IFA consolidator is adding £25 million to its funds under management.

AFH Financial Group has acquired the assets of CRS Financial Planning, an East Anglia-based independent financial advisor, for £663,670 ($852,265).

Previous owner Chris Stapleton will subsequently retire from the business and clients will be serviced by existing AFH advisors.

The acquisition, which is AFH’s first corporate transaction of the current financial year, will add around £25 million to the group’s funds under management.

AFH paid an initial cash sum of £378,920 upon completion on 30 September. It will pay a further deferred consideration of up to £284,750 in cash over the next 26 months in two tranches, dependent upon performance of the assets acquired.

“The acquisition of the assets of CRS follows the strategy, established by the company when we listed on AIM in June 2014, of making selective acquisitions to develop our expansion nationally and leverage our central investment and support functions,” said Alan Hudson, chief executive of AFH. 

“The company continues to seek high quality businesses that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.”

In July last year, AFH acquired Quest Financial Management as well as the assets of Phoenix Independent Financial Services.