AFH Financial Group Plc ACQUISITION OF THE ASSETS OF HARVEY CURTIS LLP (6252Y)
23 August 2018 - 4:00PM
UK Regulatory
TIDMAFHP TIDMTTM
RNS Number : 6252Y
AFH Financial Group Plc
23 August 2018
23 August 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF HARVEY CURTIS LLP
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion of the
acquisition of the client portfolios of Harvey Curtis LLP based in
Burgess Hill West Sussex. As a result of the transaction Nigel
Poole and David Clark, together with their support staff, will join
AFH and continue to work with their existing clients.
Under the terms of the acquisition, the maximum purchase price
is GBP2.63m dependent upon performance criteria of the assets
acquired. Based on a pro forma post acquisition model the business
is targeted to generate in excess of GBP600,000 of annualised
EBITDA.
The initial consideration for the acquisition is GBP1.22m in
cash, funded from the Company's existing cash resources. Further
deferred consideration will be payable in cash over the next 26
months, subject to performance criteria of the assets acquired
being achieved.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"Our tenth acquisition of the financial year is the client
portfolio of an established IFA business in West Sussex. I am
pleased to welcome Nigel and David, together with their team, to
AFH and look forward to further developing the Company's presence
in the South East.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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