AFH Financial Group Plc ACQUISITION OF PREMIER WEALTH MANAGEMENT HARROGATE (1139G)
02 November 2018 - 6:00PM
UK Regulatory
TIDMAFHP TIDMTTM
RNS Number : 1139G
AFH Financial Group Plc
02 November 2018
2 November 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF Premier Wealth Management Harrogate Limited
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion of the
acquisition of Premier Wealth Management Harrogate Limited
("Premier"), a directly authorised firm based in York. As a result
of the transaction, Richard Evans together with Andrew Huby and
their support staff will join AFH, bringing over GBP90m of FUM to
further extend the operations of AFH in the North East.
Under the terms of the acquisition, the maximum purchase price
is GBP4.5m dependent upon performance criteria of the business
acquired. The initial consideration for the acquisition is GBP2.0m
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 enhanced performance criteria of the business
being achieved. For the twelve month period ended 31 December 2017,
the business reported revenues of GBP0.7m and profit before tax of
GBP0.35m. Since that time the business has demonstrated significant
growth in both revenues and profitability. On a pro-forma basis the
business has a current revenue run rate of GBP1.2m, generating
operating profits of GBP0.9m.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"The acquisition of Premier is the first transaction of our new
financial year and, following the acquisition of Thomas Heald in
August, continues the expansion of AFH in the North East. Premier
has demonstrated high levels of profitable growth and I am pleased
to welcome Richard and his team to AFH. I look forward to working
with them for the benefit of our new clients and to increase
shareholder value."
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 /Euan Brown
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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