AFH Financial Group Plc Acquisitions (0847U)
27 Juillet 2015 - 8:00AM
UK Regulatory
TIDMAFHP
RNS Number : 0847U
AFH Financial Group Plc
27 July 2015
27 July 2015
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF QUEST FINANCIAL MANAGEMENT LIMITED AND THE ASSETS
OF PHOENIX INDEPENDENT FINANCIAL SERVICES LIMITED
The Board of AFH, a leading financial planning led investment
management firm, is pleased to announce the acquisition of Quest
Financial Management Limited ("Quest") a Derby based IFA. The two
advisers left Quest on completion of the acquisition and existing
AFH advisers have taken over their client relationships.
Under the terms of the acquisition the maximum consideration
payable by AFH is GBP585,000. The initial consideration has been
satisfied by a cash payment upon completion of GBP292,500,
satisfied from the Company's existing cash resources. Further
deferred consideration of up to GBP292,500 will be payable in cash
over the next 26 months in two tranches, dependent upon performance
criteria of Quest over the next two years.
The Board of AFH is also pleased to announce the acquisition of
the assets of Phoenix Independent Financial Services Limited
("Phoenix"), a Blackburn based IFA, which was completed on 24(th)
July 2015.
Under the terms of this acquisition, the maximum consideration
payable by AFH is GBP489,345. The initial consideration has been
satisfied by a cash payment upon completion of GBP240,250,
satisfied from the Company's existing cash resources. Further
deferred consideration of up to GBP249,095 will be payable in cash
over the next 26 months in two tranches and dependent upon
performance criteria of Phoenix over the next two years.
The acquisitions of Quest and the assets of Phoenix are the
eleventh and twelfth acquisitions respectively since the Company
listed on AIM in June 2014 and will, in aggregate, add
approximately GBP320,000 of recurring revenue to the Company.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"Following the acquisition of Independent Financial Services
(U.K.) Limited ("IFS") at the end of April we continue to offer IFA
businesses 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."
"These are the eighth and ninth acquisitions made during this
financial year which has seen AFH continue to leverage its
centralised administration and support functions to develop its
expansion nationally."
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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