Wealth management firm, AFH Financial Group has acquired CTL Three Limited, along with its subsidiaries: The Insurance Partnership Financial Services Limited; PCWM Limited; IFA Professional Planning Limited; Private Client Wealth Management (Yorkshire) Limited and Kirk Ella Investments Ltd, in a deal worth £10mn.

Alan Hudson, chief executive of AFH, said: “The acquisition of CTL is our third transaction of the year and significantly expands AFH’s national footprint with over 240 advisers working across the UK and over £5bn of FUM.

“At the start of the 2017 financial year, the Board set itself three medium term financial aspirations: FUM of greater than £5bn, revenues of £75mn per annum and underlying EBITDA margin of 20% on revenue.

“The acquisition of CTL takes our FUM to above £5bn and we remain confident of achieving the remaining targets.

“This is our third acquisition in the North East since June 2018 and as a result AFH now have over 50 advisers located in the region. Under Paul and his management team’s leadership CTL has built a strong presence in the North East and I am pleased to welcome Paul and his team to the AFH community.

“I look forward to working with them to further the development of the AFH brand and continue our growth for the benefit of our new clients and to increase shareholder value.”

According to Business Leader, Paul Hodgson, Paul Newman, Shane Beardsley and Victoria Hicks along with their 22 advisors and support staff will join AFH. The acquisition will significant expand AFH’s presence in the North East.