Acquisitive national IFA firm AFH has made its first takeover of 2019 with the acquisition of Stourbridge-based Hayburn Rock Financial Planning in a £3.5m deal.

AFH, founded by Chartered Financial Planner Alan Hudson, says the deal will add about 1,500 active clients and increase the number of AFH’s financial and mortgage advisers in the UK to 260.

Hayburn Rock was set up by Steve Perks and his wife Suzanne in 1996.

As part of the deal Mr Perks, who has 37 years’ experience in financial services, including 6 years as a regional director at Legal & General, will  join AFH as an adviser along with his team of six mortgage advisers and four IFAs.

Mr Perks’ son Ben and daughter Hayley are among those moving to AFH.

Mr Perks said: “In 23 years we’ve managed to build up a medium-sized business, but the industry has changed in that time, and ‘medium-sized’ businesses just don’t make sense any more.

“The time we have to spend on administration and regulatory compliance means we’re just not able to grow and give new clients the 100% of our time we think they deserve.

“AFH will give us the support and expertise we need and the group’s economies of scale and great client proposition mean our clients will be getting an all-round better deal while continuing to have us looking after them”

AFH chief executive Alan Hudson said: “I know that Steve and his team will be a good fit at AFH, and their clients will appreciate the combination of big-company expertise and the dedicated attention of advisers they know and trust.

“This deal, our first of 2019 and 4th of this financial year, shows AFH remains the company of choice for advisers who want to grow their business while improving their service to clients.”

AFH Financial Group was founded by Chartered Financial Planner Alan Hudson in 1990 and is based in Bromsgrove, Worcestershire.

AFH made announced over 15 takeovers of IFA firms in 2018.