The group will pay a maximum consideration of £585,000 ($908,000) for , 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.