AFH Financial Group Plc Acquisition (8544Q)
June 11 2018 - 2:00AM
UK Regulatory
TIDMAFHP TIDMTTM
RNS Number : 8544Q
AFH Financial Group Plc
11 June 2018
11 June 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF CORVILLE FINANCIAL SERVICES LIMITED
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion of the
acquisition of Corville Financial Services Limited ("Corville
Financial") based in York. Following the acquisition, Debbie and
Nick Burchall will join AFH as advisers together with one employed
adviser and a small support team.
Under the terms of the acquisition, the maximum purchase price
is GBP2.9m based on the ongoing profitability of the business
subject to the fulfilment of certain financial targets.
The initial consideration for the acquisition is GBP1,467,200 in
cash, funded from the Company's existing cash resources. Further
deferred consideration will be payable in cash over the next 26
months in two tranches, subject to performance criteria of the
business acquired being achieved.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This latest acquisition, our eighth of the financial year,
continues to consolidate our national distribution within the core
AFH client base. I am pleased to welcome Debbie and Nick together
with their team to AFH and look forward to working with them to
consolidate our presence in North Yorkshire 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
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
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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