AFH Financial Group Plc Acquisition (8460J)
03 July 2017 - 4:00PM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 8460J
AFH Financial Group Plc
03 July 2017
3 July 2017
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
MULTIPLE ACQUISITIONS OF INDEPENDENT FINANCIAL ADVISERS
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completions on 30 June
2017 of the acquisitions of the assets of three Independent
Financial Advisory companies, Granville Bates LLP, Johnson Birkett
Limited and G-Force Financial Limited, based in the Cotswolds,
Yorkshire and Cheshire respectively (the "Acquisitions"). Following
the Acquisitions the vendors will retire and their clients will be
serviced by existing AFH advisers.
Under the terms of the Acquisitions, the combined maximum
purchase price is GBP1.9m and the Acquisitions are expected to
contribute an aggregate of approximately GBP500,000 of recurring
revenue to the Company.
The initial consideration for the Acquisitions is GBP1.0m in
cash, funded from the Company's existing cash resources. Further
deferred consideration of up to GBP0.9m in cash will be payable in
cash over the next 26 months in two tranches, dependent upon
performance criteria of the assets acquired.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"The acquisitions represent our eight, ninth and tenth this year
and demonstrate the increasing level of activity that we are seeing
in the market. The client base reflects the continued national
expansion of AFH and will be integrated in line with our
established model."
"The Company continues to seek high quality businesses of all
sizes 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 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Liberum (Nominated Adviser and Broker) 020 3100 2000
John Fishley/Richard Bootle
This information is provided by RNS
The company news service from the London Stock Exchange
END
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