AFH, the Midlands-based Financial Planning-led wealth manager, has bought Bedfordshire IFA firm Ashton House for £2.6m.

The deal is fast-growing AFH’s fourth acquisition in the past month and the 13th this year so far.

Ashton House is a directly authorised firm. The result of the takeover will be Ashton House adviser Tony James will join AFH as a financial adviser and continue to support existing clients while developing AFH’s presence in the Home Counties.

The initial consideration for the acquisition is £1.05m in cash, funded from AFH’s existing cash resources with further deferred consideration  payable in cash over the next 26 months, subject to performance criteria being achieved.

For the 12 months to October 2017, Ashton House made a pre-tax profit of £370,000.

Chartered Financial Planner and AFH chief executive Alan Hudson said: "The acquisition of Ashton House extends AFH's client base and coverage within the Home Counties and complements other acquisitions made in 2018, including Harrison White and Monopoly Financial Consultants, which were announced earlier this year.

“I am pleased to welcome Tony to AFH and I look forward to working with him to develop the business and provide his existing clients with the benefits of the AFH proposition.

“This is our thirteenth acquisition this year and together with the transactions recently announced reflects the activity we are seeing in the sector."