AFH Financial raises £2.8m to fund acquisition strategy

AFH Financial Group, an independent financial advisory and discretionary wealth management firm, has raised £2.8m to fund its acquisition strategy.

It has received firm commitments to subscribe for ordinary shares of 10p each in the company and 8% unsecured bonds due 2020 for an aggregate total amount of £2.8m. The proceeds of the equity and bond issues will be used to provide additional working capital for the company and to finance potential future acquisitions. Since AFH's June 2011 flotation, the company has completed 14 acquisitions and adviser numbers have grown from 53 to 120. The company paid a maiden dividend in May 2013 and remains debt free. Commenting on the fundraising, Alan Hudson, chairman and chief executiv...