Financial Planning-led investment management firm AFH Financial Group has built a £10million war chest in under ten hours to fund more takeovers.

Yesterday morning at 7am it set out plans to raise £10m through placing new ordinary shares, priced at 175p each.

In a second announcement at 4pm, AFH revealed it had achieved its target.

The firm has said it has four possible acquisitions in the pipeline. AFH has already announced five acquisitions worth £2 million since 31 October.

Alan Hudson, AFH chief executive, said: "The oversubscription of the placing is in our view a validation of both the company's progress to date and strategy. We are grateful for the support of both existing and new investors in the placing which will enable the company to execute on its attractive pipeline of acquisitions."

He agreed to sell up to 1,000,000 existing ordinary shares owned by him, at the placing price, to raise gross proceeds of up to £1.75 million.

A statement read: “AFH Financial Group is pleased to confirm that, further to the announcement made earlier today (20 March), the company has now raised a total of £10 million through the issue of an aggregate of 5,714,285 new Ordinary Shares at a price of 175 pence per new Ordinary Share.”

A company statement read: “The board believes that the opportunity exists to acquire appropriately priced businesses and that the net proceeds of the placing will provide the company with a strong platform to finance such acquisition opportunities as well as providing funds for general corporate purposes.

“The near-term pipeline is particularly attractive, with four potential deals currently at various stages of the due diligence and engagement process. In addition to these four potential deals, the company continues to assess other potential acquisitions to further accelerate its growth.”

As at 1 March 2017, the company had cash balances of £4.1 million.