Listed advisory consoldator AFH Financial has completed two adviser acquisitions for a total of almost £1m, adding a further £55m to the Listed IFA’s funds under management.

In an announcement this morning (2 February), AFH said it has acquired Didcot-based Roxborough Consultancy, along with the assets of West Bromwich-based First Class Financial Management.

Under the terms of the acquisition of Roxborough, the maximum consideration payable by AFH is £911,760 in cash, with an initial cash payment upon completion of £476,760.

This will be followed by a further cash consideration of up to £435,000, payable over the next 26 months in two tranches and “dependent upon performance criteria” of Roxborough over the next two years.

The consideration will be satisfied from AFH’s existing cash resources. For the year ended 31 March 2014, Roxborough generated a profit before taxation of £185,793 and had net assets of £370,749.

The principal of Roxborough will retire following completion and existing AFH advisers will take over their client relationships.

Under the terms of the acquisition of the assets of First Class, the maximum consideration payable by AFH is £84,000.

The acquisitions of First Class and Roxborough were completed on 4 December 2014 and 30 January 2015, respectively. They represent the fifth and sixth acquisitions since the company listed on the Alternative Investment Market in June 2014.

Last month, AFH also revealed that its funds under management have exceeded £1bn, signalling growth of £100m since a trading update in November which revealed funds were around £900m.

Today’s news follows the acquisition of Knight O’Byrne in November 2014, “further underpinning AFH’s strategy of select national expansion”.

At the start of December the firm launched a fundraising initiative by issuing a fresh round of up to £3m unsecured loan notes. In November, the consolidator said it plans to expand its national presence this year by acquiring firms in London and the south-east.

At the time the board said that during recent months it had spotted an increase in the size and rate of IFA companies becoming available for purchase and that it expects this trend to continue throughout next year.

Alan Hudson, AFH chief executive, said: “We continue to seek, select and complete opportune acquisitions in a post-RDR world. Today’s news takes the company to six acquisitions in only seven months since we migrated from ISDX to Aim.

“We intend to focus our acquisition strategy on retiring IFAs over the coming months as part of our overall growth strategy.”

donia.o’loughlin@ft.com