AFH Financial Group Plc ACQUISITION OF THE ASSETS OF GROOM ASSOCIATES LLP (0607S)
04 Novembre 2019 - 8:00AM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 0607S
AFH Financial Group Plc
04 November 2019
4 November 2019
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF GROOM ASSOCIATES LLP
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion of the
acquisition of the client portfolios of Groom Associates LLP
("Groom") based in Studley, Warwickshire. As a result of the
transaction Bill Groom and Annabelle Duncan will retire following
the acquisition and their clients will be serviced by existing AFH
advisers.
Under the terms of the acquisition, the initial consideration
for the acquisition is GBP321,000 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
performance criteria of the assets acquired being achieved, with
the maximum purchase price being GBP615,000.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"Our eighth acquisition of the financial year is the client
portfolio of an established IFA business in Studley. I wish Bill
and Annabelle well in their retirement. The business provides a
complimentary fit to AFH's core business and I am confident that
Groom's existing clients will benefit from the advantages of the
AFH proposition".
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
Shore Capital (Joint Broker) 020 7408 4090
Hugh Morgan / Edward Mansfield / Daniel Bush
Yellow Jersey PR Limited (Financial PR) 077 4884 3871
Joe Burgess / 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.
Notes to Editors
AFH Financial Group (AIM: AFHP) is a leading UK financial
planning-led wealth management firm based in the Midlands. Founded
in 1990 by CEO Alan Hudson, the Company provides wealth management
and financial advisory services to over 20,000 clients in the UK.
These services are delivered by over 450 professional advisers and
400 support staff.
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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