AFH Financial Group Plc Acquisition (3082S)
02 October 2017 - 5:00PM
UK Regulatory
TIDMAFHP TIDMTTM
RNS Number : 3082S
AFH Financial Group Plc
02 October 2017
2 October 2017
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF DUCHY WEALTH MANAGEMENT LIMITED
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion on 29
September 2017 of the acquisition of Duchy Wealth Management
Limited ("Duchy") based in Truro, Cornwall. Following the
acquisition Simon Holdsworth will join AFH as an adviser.
Under the terms of the acquisition, the maximum purchase price
is GBP630,000 subject to the fulfilment of certain profitability
targets. Duchy will add approximately GBP60m FUM to the Company and
for the financial year ended 31 March 2017 achieved reported profit
before tax of GBP286,544.
The initial consideration for the acquisition is GBP0.31m in
cash, funded from the Company's existing cash resources. Further
deferred consideration of up to GBP0.32m in cash will be payable in
cash over the next 26 months in two tranches, dependent upon
performance criteria of the business acquired.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This thirteenth purchase of an IFA businesses during the
current financial year demonstrates the continued high level of
activity that we are seeing in the market. The latest acquisition
enhances our position in the South West of England and I am pleased
to welcome Simon to AFH and look forward to working with him to
continue our growth in this region."
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 announcement is released by AFH Financial Group plc and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Paul Wright, Chief Financial Officer.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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