AFH Financial Group Plc Acquisitions (6869D)
02 Février 2015 - 8:01AM
UK Regulatory
TIDMAFHP
RNS Number : 6869D
AFH Financial Group Plc
02 February 2015
2 February 2015
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITIONS
AFH acquires Roxborough Consultancy Limited and First Class
Financial Management Ltd
The Board of AFH is pleased to announce the acquisition of
Roxborough Consultancy Limited ("Roxborough") based in Didcot,
Oxfordshire, and the acquisition of the assets of First Class
Financial Management Ltd ("First Class"), based in West Bromwich.
The principal of Roxborough will retire following completion and
existing AFH advisers will take over their client relationships.
These two acquisitions will add a further GBP55m to the Company's
Funds Under Management.
Under the terms of the acquisition of Roxborough, the maximum
consideration payable by AFH is GBP911,760 in cash, satisfied by an
initial cash payment upon completion of GBP476,760, followed by a
further cash consideration of up to GBP435,000, payable over the
next 26 months in two tranches and dependent upon performance
criteria of Roxborough over the next two years. The consideration
will be satisfied from AFH's existing cash resources. For the year
ended 31 March 2014 Roxborough generated a profit before taxation
of GBP185,793 and, as at 31 March 2014, Roxborough had net assets
of GBP370,749.
Under the terms of the acquisition of the assets of First Class
the maximum consideration payable by AFH is GBP84,000.
The acquisitions of First Class and Roxborough were completed on
4 December 2014 and 30 January 2015, respectively. These two
transactions represent the fifth and sixth acquisitions since the
Company listed on AIM in June 2014.
Today's news follows the acquisition of Knight O'Byrne in
November 2014, further underpinning AFH's strategy of select
national expansion.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"We continue to seek, select and complete opportune acquisitions
in a post-RDR world. Today's news takes the Company to six
acquisitions in only seven months since we migrated from ISDX to
AIM. We offer IFA businesses, of all sizes irrespective of
geography, the opportunity to either become part of a larger group
or to allow the principals of those businesses the ability to
realise value as they retire. We intend to focus our acquisition
strategy on retiring IFAs over the coming months as part of our
overall growth strategy."
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Allenby Capital Limited 020 3328 5656
(Nominated Adviser and Broker)
Nick Naylor
Chris Crawford
Nick Athanas
Yellow Jersey PR Limited 07768 537 739
Dominic Barretto
Kelsey Traynor
This information is provided by RNS
The company news service from the London Stock Exchange
END
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