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

  • 28/06/2022
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AFM Wealth secures £5.3m OakNorth Bank loan 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 for 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 pension advice. 

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

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

AFM Wealth plans to acquire more firms this year.  

Philip Hughes, director of AFM Wealth, said: “Since Absolute Financial Management’s launch over two decades ago, it has managed to build an extensive client book, serviced by a dedicated professional team ensuring continuity and quality of advice. We continue to operate under the core value of ‘our advice is our company’ and as a result, the business has thrived.  

“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.” 

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