AFH Group has launched a takeover of two firms totalling an outlay of £1.2m.

The companies, Lifetime Investment and Seminar Services and Mark Hughes and Associates Ltd, have been acquired this week by AFH, which was set up by Chartered Financial Planner Alan Hudson, in 1990.

The two deals see AFH taking on around 600 new clients.

Lifetime Investment and Seminar Services was sold for £700,000 and includes clients mainly from South and West Yorkshire and Lincolnshire.

Former boss, Mark Penty is retiring after selling the business.

He said: “As a sole adviser I decided after 35 years in financial services that the operational challenges of implementing all the new regulatory requirements are a challenge too far.

“The needs of my clients will clearly be better met by a larger firm.

“The in-house expertise and national reach of AFH means my clients will continue to be dealt with at a local level and receive a top-quality service in the future.”

AFH chief executive Alan Hudson said: “I wish Mark all the best for a long and happy retirement.

“He can certainly rest assured his clients will be well looked after by the team here at AFH.

“We have the scale and expertise to take advantage of every development in the market, and our focus has always, like Mark’s, been on getting the best possible outcomes for every client.”

Hertfordshire-based Mark Hughes is going to work for AFH after selling his business for £500,000.

He said: “I wanted to make sure my clients got the benefits of the latest developments in the industry, but keeping abreast of the changes takes time, and I didn’t want to spend less time with my clients as a result.

“The solution was to join forces with AFH, so I’m free to devote all my efforts to delivering the best outcomes for my clients, supported by the in-house expertise and administration team that AFH provides.”

Alan Hudson added: “It’s always great to meet a fellow-spirit, and I knew Mark and I saw things the same way – putting clients at the heart of everything we do.

“So I’m delighted to welcome him to the AFH community and look forward to working with him to deliver the best of his clients and the many new clients we’ll be looking to bring on board.”