AFH Financial Group Plc ACQUISITION OF CORE FINANCIAL HOLDINGS LIMITED (4287C)
01 Octobre 2018 - 8:00AM
UK Regulatory
TIDMAFHP TIDMTTM
RNS Number : 4287C
AFH Financial Group Plc
01 October 2018
01 October 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF CORE FINANCIAL HOLDINGS LIMITED AND THE ASSETS OF
CORE CORPORATE PLANNING LIMITED
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion of the
acquisition of Core Financial Holdings Limited and its subsidiary
Core Financial Services Limited, (Core") a directly authorised firm
based in Maidstone Kent together with the assets of Core Corporate
Planning Limited ("Corporate Planning"). As a result of the
transaction Mark Sutton together with nine advisers and their
support staff, will join AFH bringing over GBP230m of FUM to
significantly expand the AFH presence in the South East.
Under the terms of the acquisition, the maximum purchase price
is GBP7.7m dependent upon performance criteria of the business
acquired. The initial consideration for the acquisition is GBP3.2m
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 March 2018,
the combined businesses reported combined revenues of GBP3.8m and
profit before tax of GBP180,000. On a post acquisition pro-forma
basis, the business would have generated an estimated profit before
tax in excess of GBP1.4m.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"The acquisition of Core is our sixteenth transaction of the
year and significantly expands AFH's position in the South East. I
am pleased to welcome Mark and his team to AFH and I look forward
to working with them to further the development of the AFH brand
and continue our growth 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
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contact rns@lseg.com or visit www.rns.com.
END
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