AFH Financial Group Plc ACQUISITION OF HAYBURN ROCK GROUP LIMITED (9353M)
14 January 2019 - 6:00PM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 9353M
AFH Financial Group Plc
14 January 2019
14 January 2019
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF HAYBURN ROCK GROUP LIMITED
AFH Financial Group PLC (AIM: AFHP), a leading financial
planning led wealth management firm, announces the completion of
the acquisition of Hayburn Rock Group Limited and its subsidiary
companies ("Hayburn"), based in Stourbridge, West Midlands. As a
result of the acquisition Stephen Perks together with nine advisers
will join AFH, bringing over GBP100m of FUM, and continue to
support their existing client base.
Under the terms of the acquisition, the maximum purchase price
is GBP3.5 million dependent upon performance criteria of the
business acquired. The initial consideration for the acquisition is
GBP0.9 million in cash, funded from the Company's existing cash
resources. Further deferred consideration will be payable in cash
over the next 29 months, subject to enhanced performance criteria
based on post completion post synergy profitability. For the twelve
month period ended 31 December 2017, the business reported revenues
of GBP2.1 million and profit before tax of GBP0.4 million.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"The acquisition of Hayburn is our fourth transaction this
financial year and further consolidates AFH as a leading financial
planning led wealth management firm in the West Midlands and indeed
the UK. Hayburn is a local business to AFH which should enable an
efficient integration process. I am pleased to welcome Stephen and
his team to AFH and look forward to working with them to provide
their existing clients with the benefits of the full range of AFH
services and to increase shareholder value."
Enquiries:
AFH Financial Group PLC +44 (0) 1527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Liberum (Nominated Adviser and Broker) +44 (0) 20 3100 2000
John Fishley/Richard Bootle /Euan Brown
Yellow Jersey PR Limited (Financial PR) +44 (0) 7748 843 871
Felicity Winkles/Tim Thompson/Annabel Atkins
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
ACQGGUAAGUPBGMG
(END) Dow Jones Newswires
January 14, 2019 02:00 ET (07:00 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