Within the terms of the deal, the UK financial planner will pay a maximum amount of £4.5 million ($5.8 million).

UK financial planning firm AFH Financial has acquired the entire issued share capital of Suffolk-based financial services firm Eunisure. The current managing director of Eunisure, Ralph Mortlock, will remain on the board.

Under the terms of the acquisition, AFH will pay a maximum consideration of £4.5 million ($5.8 million), a fee based on Eunisure’s business and financial planning operation, the London Stock Exchange said in a statement.

The consideration will be paid in cash, and the initial consideration has been agreed at £1.5 million. Further deferred consideration of up to £3 million will be payable over the next 48 months in four transactions dependent on the company performance of Eunisure.

Alan Hudson, chief executive of AFH said: "The protection gap in the UK has been widely reported. Eunisure is one of the leading face to face advisory businesses in this sector with national coverage throughout the UK. I believe that the acquisition of Eunisure will significantly increase the distribution capacity of AFH whilst at the same time enabling Eunisure to develop rapidly in its core market.

“Eunisure has a young advisor force and we look forward to developing a number of these advisors through our structured training programmes to mortgage advisory and full financial planning qualifications. The deal has been structured to create shareholder value through additional financial planning opportunities and growth within the existing business and I look forward to working closely with Ralph to drive both Eunisure and the distribution of AFH's wealth management services in the future.”

This is AFH’s second acquisition in several days as the firm completed the acquisition of financial advisor Parker Sage.