AFH Financial Group Plc Acquisition of Bay Financial Management Limited (3704X)
21 February 2017 - 6:00PM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 3704X
AFH Financial Group Plc
21 February 2017
21 February 2017
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF BAY FINANCIAL MANAGEMENT LIMITED AND
SUBSIDIARIES
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the acquisition of Bay
Financial Management Limited ("Bay"), an IFA based in Honiton,
Devon, which was completed on 20 February 2017 (the "Acquisition").
As a result of the Acquisition, Seamus Coleman, Simon Durant and
Nigel Hull have joined the AFH Group.
Under the terms of the Acquisition, the maximum consideration
payable by AFH is GBP1.4 million based on the performance of Bay
over the next 24 months.
The consideration for the Acquisition is to be paid in cash. The
initial consideration has been satisfied by a payment upon
completion of GBP595,000 funded from the Company's existing cash
resources.
Further deferred consideration of up to GBP805,000 will be
payable over the next 24 months in two tranches and dependent upon
set performance criteria of Bay over the period.
Bay will add approximately GBP73m to AFH's funds under
management.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This acquisition continues to strengthen our presence in the
South West and I look forward to working with Seamus, Simon and
Nigel to further develop AFH.
The acquisition of Bay is our fifth acquisition this year and
will be integrated in line with our established model to enhance
shareholder value during the current financial year. We continue to
have a strong pipeline of future acquisition opportunities."
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
END
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