AFH Financial Group, the UK-based IFA aimed at high net worth and mass-affluent clients, has raised £2.8 million ($4.39 million) from investors in a share and bond issue to provide additional working capital and further its acquisition drive.

The firm said it has received firm commitments to subscribe for a total of 1.9 million shares at a price of £1.09 per share, to raise £2.07 million.

In addition, a further £752,000 in bonds has been raised, which are expected to start trading on 16 September 2013.

Proceeds of the equity and bond issue will be used to provide additional working capital for the company and to finance potential future acquisitions, the firm said in a statement.

Since AFH's June 2011 flotation, the company has completed 14 acquisitions and advisor numbers have grown from 53 to 120.