AFH Financial Group Plc Acquisition of assets of David Rushden Associates (1355R)
December 07 2016 - 1:00AM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 1355R
AFH Financial Group Plc
07 December 2016
7 December 2016
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
Acquisition of the assets of David Rushden Associates
Limited
AFH, a leading financial planning led wealth management firm, is
pleased to announce the acquisition of the assets of David Rushden
Associates Limited ("David Rushden"), a Lancashire based IFA.
Following the acquisition David Rushden, the vendor, will join
AFH.
Under the terms of the acquisition, the maximum consideration
payable by AFH is GBP298,125, representing approximately 1.8% of
the Funds under Management ("FUM"). An initial cash consideration
of GBP157,500 has been paid upon completion, satisfied from the
Company's existing cash resources. Further deferred consideration
of up to GBP140,625 will be payable in cash over the next 26 months
in two tranches, dependent upon performance criteria of the assets
acquired from David Rushden.
The acquisition is AFH's first corporate transaction of the
current financial year, consistent with its stated strategy of
making carefully selected acquisitions which will be value
enhancing, and follows comments in our pre close trading update on
14 November. David Rushden will add approximately GBP16.5m to AFH's
funds under management.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This acquisition will strengthen our position in the North West
and I look forward to working with David to continue the
development of AFH in the region."
"The acquisition of the assets of David Rushden follows the
strategy restated in our recent trading update of making selective
acquisitions to develop our expansion nationally and leverage our
central investment and support functions."
"The Company continues to seek high quality businesses of all
sizes that will embrace the AFH culture of providing exceptional
value to our growing client base while providing attractive returns
to our shareholders."
Enquiries:
AFH Financial Group PLC
Alan Hudson, Chief Executive
Officer
Paul Wright, Chief Financial
Officer
www.afhfinancialgroup.com 01527 577 775
Liberum (Nominated Adviser
and Broker)
John Fishley / Richard
Bootle 020 3100 2000
Camarco
Geoffrey Pelham-Lane /
Jennifer Renwick 0203 757 4985
This information is provided by RNS
The company news service from the London Stock Exchange
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