AFH Financial Group is planning to pursue a “vigorous” development programme, following its Alternative Investment Market listing at the end of last month, which will include the acquisition of carefully targeted advisory firms.

The financial planning-led wealth management business raised almost £3m prior to its first day of trading on AIM.

Alan Hudson, AFH chief executive, said that the firm has always followed a “two-tier approach” to growth, although to date it has mostly been organic and irrespective of new acquisitions.

He said: “Advisers are coming to us because they appreciate our solid foundation and credibility; we have a track record of generating growth organically.

“We have no bank or secured debt and are in a position to acquire further businesses if we feel it is absolutely right for both sides. Price is not the key factor when IFAs are selling their businesses – they seek credibility and the reassurance that their clients are going to be well looked after.”

Shares listed at 140p on 30 June and are currently trading at 150p each, which values the group at £29m. It raised £1.46m as part of the float, and now has £6m in the bank.

Mr Hudson said: “We are well placed to take advantage of opportunities for additional growth.

“We are likely to return to the market for more – and this was our primary reason for listing on Aim.”