UK-based OakNorth Bank has completed a £5.3m ($6.51m, €6.15m) loan to Kent-based AFM Wealth to support its acquisition programme of IFA firms across the UK.
Founded in February 2020 following investment by Phil Hughes, AFM Wealth is the holding company for Absolute Financial Management, an IFA firm established in 1999 by co-founders Mark Eaton and Spencer Watt.
With over 4,500 clients and AuM exceeding £500m, AFM Wealth provides financial advice for both businesses and individuals. It has a branch network across south east England, including in Ashford, Bognor Regis, Hastings and Colchester.
AFM Wealth has acquired six IFA firms since February 2021, including, Cheesman & Groves, Manor Hurst Associates and, most recently, Granite Financial Management, with further acquisitions set to be completed this year.
‘Financial firepower’
Philip Hughes, director of AFM Wealth, said: “The capital from OakNorth Bank will provide us with the financial firepower to accelerate our acquisition programme and be well-positioned to support customers through the challenging months and years ahead.
“Like us, the OakNorth team put the customer experience at the heart of everything they do, and this was clear from the first interaction we had with them.”
Stewart Haworth, director of debt finance at OakNorth Bank, added: “The successes that Mark, Spencer and Philip have managed to achieve to date come as no surprise, given their vast experiences gained over several decades of working within the UK’s financial advisory space.
“With the sector set for significant growth over the next five years, AFM Wealth is in a prime position to capitalise on this opportunity. We’re excited to be working with the team and look forward to continuing to support them on their growth journey going forward.”
