AFH Financial raises £2.8m through share and bond issue

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AFH Financial has raised £2.8m from investors as the IFA firm looks to continue its aggressive acquisition strategy.

AFH has today announced it has received firm commitments from investors to subscribe for 1.9m shares in the company at a price of £1.09 per share. 

In addition, it expects to raise £750,000 through the issue of unsecured bonds.

AFH Financial chief executive Alan Hudson says: “Today’s fundraising is a strong endorsement of the Company’s organic and acquisitive business strategy, executed against the background of a tight credit market. 

“We are pleased to have received this strong level of support from the investment community and look forward to moving ahead with our strategy to become a leader within our field.”

AFH has acquired a series of advice firms in the last 12 months. In July, the firm reported a 44 per cent rise in pre-tax profits for the six months to 30 April 2013, from £193,397 to £279,160.