IFA consolidator AFH Financial Group has made two more purchases, completing a dozen acquisitions since it started trading on the AIM over a year ago.

The UK's AFH Financial Group has acquired Quest Financial Management as well as the assets of Phoenix Independent Financial Services.

The group will pay a maximum consideration of £585,000 ($908,000) for Quest, a Derby-based independent financial advisory firm. It paid an initial £292,500 in cash upon completion of the deal and will pay the second half in two tranches dependent upon the IFA firm's performance over the next two years.

Quest's client relationships will be taken over by AFH advisors after the firm's two advisors left on completion of the acquisition.

The second acquisition, of the assets of Blackburn-based IFA Phoenix, is for a maximum consideration of £489,345, of which £240,250 has been paid in cash. The remaining cash payment of £249,095 will again be split into two tranches and depend on Phoenix's performance over the next two years.

The Quest and Phoenix acquisitions are the eleventh and twelfth acquisitions respectively for AFH since it listed on the AIM in June last year. AFH said the deals would together add around £320,000 in recurring revenue to the company.

In April, the group reported it had boosted its funds under management to £1.25 billion ($1.88 billion) following seven purchases in almost seven months.

“Following the acquisition of Independent Financial Services (UK) Limited at the end of April we continue to offer IFA businesses the opportunity to either become part of a larger group or to allow the principals of those businesses the ability to realise value as they retire,” said AFH's chief executive, Alan Hudson.