AFH Financial Group Plc Further Acquisitions (6653M)
01 August 2017 - 4:01PM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 6653M
AFH Financial Group Plc
01 August 2017
1 August 2017
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
FURTHER ACQUISITIONS OF INDEPENDENT FINANCIAL ADVISERS
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion on 31 July
2017 of the acquisitions of the assets of Arden Financial
Consultants LLP and the share capital of Martin Cooper Wealth
Management Ltd, both based in the West Midlands (the
"Acquisitions"). Following the Acquisitions Kevin Hobbs, Steve Down
and John Kirkland will join AFH as advisers. The other 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 GBP1.4m. The Acquisitions are expected to
contribute an aggregate of approximately GBP430,000 of recurring
revenue to the Company whilst adding GBP50m of Funds under
Management.
The initial consideration for the Acquisitions is GBP0.7m in
cash, funded from the Company's existing cash resources. Further
deferred consideration of up to GBP0.7m in cash will be payable in
cash over the next 26 months in two tranches, dependent upon
performance criteria of the assets and business acquired.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"These two acquisitions, our eleventh and twelfth purchase of
IFA businesses during the year, confirm the continued high level of
activity that we are seeing in the market. The latest acquisitions
continue our strategy of providing a stable and well capitalised
business within which successful IFAs can continue to provide their
clients with professional advice and investment opportunities, both
on a personal basis and in retirement."
"I am pleased to welcome Kevin, Steve and John to AFH and look
forward to working with them to continue our growth within both the
regional and national marketplace."
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
ACQKMGFNLMZGNZM
(END) Dow Jones Newswires
August 01, 2017 02:01 ET (06:01 GMT)
Afh Financial (LSE:AFHP)
Historical Stock Chart
From Apr 2024 to May 2024
Afh Financial (LSE:AFHP)
Historical Stock Chart
From May 2023 to May 2024