Hemel High Street firm bought in deals worth £7.2Million

A E Garment's offices in Hemel High Street. Credit: Google Maps
A E Garment's offices in Hemel High Street. Credit: Google Maps

Hemel-based AE Garment Independent Financial Services Limited has been bought alongside a Twickenham firm for £7.2Million in deals.

AFH Financial Group acquired the two IFA firms in deals which will add £215Million of funds to the wealth manager.

The wealth manager agreed an acquisition price of £1.9Million for AE Garment, with an initial payment of £1Million and the rest due over a 26-month period and subject to the business meeting performance targets.

AE Garment's principal, Tony Garment, retired from the business as part of the deal and his clients have been transferred to existing AFH advisers.

He said: “After 28 years in the financial planning industry it’s time for me to take some down time and turn my attention to new interests.

"AFH is absolutely the right fit for our clients and I have the upmost confidence they will do an excellent job in the years to come.”