AFM Wealth secures £5.3m loan from OakNorth Bank to support IFA acquisitions

OakNorth Bank has completed a £5.3m loan to AFM Wealth to enable its independent financial adviser (IFA) acquisition strategy.

AFM Wealth is the holding company of Absolute Financial Management and was launched in February 2020 by Director Philip Hughes. Absolute Financial Management was established in 1999 by co-founders and directors Mark Eaton and Spencer Watt. The firm provides mortgage, retirement, investment and retirement advice.

Absolute Financial Management has seven offices in the South East region, 23 advisors and over 3,000 clients.

AFM Wealth has acquired six IFA companies since February last year, including Cheesman and Groves, Manor Hurst Associates and most recently Granite Financial Management. All companies offer advice on retirement, mortgages and financial planning.

AFM Wealth plans to acquire more businesses this year.

Philip Hughes, Director of AFM Wealth, said: “Since Absolute Financial Management launched over two decades ago, it has successfully built up a large portfolio of clients, served by a dedicated professional team ensuring continuity and the quality of advice. We continue to operate under the core value of “our board is our business” and as a result the business has thrived.

“OakNorth Bank’s capital will provide us with the financial muscle to accelerate our acquisition program and be well positioned to support customers through the challenging months and years ahead. Like us, the OakNorth team places customer experience at the heart of everything they do, and that 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 achieved to date come as no surprise, given their vast experience gained over decades of working within the financial advice space in the UK.

“With the sector set to experience significant growth over the next five years, AFM Wealth is in a unique position to capitalize on this opportunity. We are delighted to work with the team and look forward to continuing to support them on their growth journey in the future. »

Shekina is the business writer for Mortgage Solutions. She has over four years of experience in the B2B publishing market, with previous industries including accounting, pets, funerals, hospitality, retail and jewelry. She currently reports mortgage market news and liaises with financial clients to produce sponsored content. Follow her on Twitter at @ShekinaMS

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