AFH Financial Group Plc Acquisition of assets of CRS Financial Planning (3880L)
03 October 2016 - 5:00PM
UK Regulatory
TIDMAFHP
RNS Number : 3880L
AFH Financial Group Plc
03 October 2016
3 October 2016
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF CRS FINANCIAL PLANNING
AFH, a leading financial planning led wealth management firm, is
pleased to announce the acquisition of the assets of CRS Financial
Planning ("CRS"), an East Anglian based IFA, which was completed on
30 September 2016. Following the acquisition Chris Stapleton, the
vendor, will retire from the business and clients will be serviced
by existing AFH advisers.
Under the terms of the acquisition, the maximum consideration
payable by AFH is GBP663,670, representing approximately 2.6% of
the Funds under Management ("FUM"). An initial cash consideration
of GBP378,920 has been paid upon completion, satisfied from the
Company's existing cash resources. Further deferred consideration
of up to GBP284,750 will be payable in cash over the next 26 months
in two tranches, dependent upon performance criteria of the assets
acquired from CRS.
The acquisition is AFH's first corporate transaction of the
current financial year, consistent with its stated strategy of
making carefully selected acquisitions which will be value
enhancing. CRS will add approximately GBP25m to AFH's funds under
management.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"The acquisition of the assets of CRS follows the strategy,
established by the Company when we listed on AIM in June 2014, of
making selective acquisitions to develop our expansion nationally
and leverage our central investment and support functions."
"The Company continues to seek high quality businesses that will
embrace the AFH culture of providing exceptional value to our
growing client base while providing attractive returns to our
shareholders."
Enquiries:
AFH Financial Group PLC
Alan Hudson, Chief Executive
Officer
Paul Wright, Chief Financial
Officer
www.afhfinancialgroup.com 01527 577 775
Liberum (Nominated Adviser
and Broker)
John Fishley / Richard
Bootle 020 3100 2000
Camarco
Geoffrey Pelham-Lane /
Jennifer Renwick 0203 757 4985
This information is provided by RNS
The company news service from the London Stock Exchange
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