AFH Financial Group Plc ACQUISITION OF HTH (GROUP) LIMITED (8745Y)
28 August 2018 - 4:00PM
UK Regulatory
TIDMAFHP TIDMTTM
RNS Number : 8745Y
AFH Financial Group Plc
28 August 2018
28 August 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF HTH (GROUP) LIMITED
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 HTH (Group) Limited and its
subsidiary companies Thomas Heald Limited and Thomas Heald
Solutions Limited based in Chesterfield with satellite offices in
Leeds and Doncaster. As a result of the transaction 26 advisers
including the principals Nick Thomas, Chris Holland and Nick Heald,
together with their support staff, will join AFH.
Under the terms of the acquisition, the maximum purchase price
is GBP5.1m dependent upon performance criteria of the businesses
acquired. During the year ended 31 March 2018 the combined business
reported a Profit before Tax of GBP365,000. However, on a pro-forma
forward facing basis the EBITDA of the business is GBP1.0m with
targeted profitability of GBP1.25m.
The initial consideration for the acquisition is GBP2.3m 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 businesses being
achieved.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"Our eleventh and largest acquisition of the financial year is
the purchase of an established IFA business in Derbyshire and
Yorkshire providing both financial planning and mortgage and
protection services to a large client base. I am pleased to welcome
Nick Thomas, Nick Heald and Chris Holland, together with their
team, to AFH. I look forward to working with them in the future and
to provide their existing clients with the benefits of the full
range of AFH services.
The market remains buoyant and our pipeline of opportunities
continues to expand across the country."
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
ACQUSOVRWWAWUAR
(END) Dow Jones Newswires
August 28, 2018 02:00 ET (06:00 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