LONDON (Alliance News) - AFH Financial Group PLC Monday said it has increased its funds under management above the GBP900 million mark with the acquisition of the assets of a chartered financial planners business headquartered in Cornwall.
In a statement, AFH said it has acquired Knight O'Byrne Ltd for up to GBP1.2 million, with GBP525,000 paid in cash on completion of the deal, with a further amount of up to GBP675,000 in cash payable over the next two years and two months in three tranches.
The acquisition will add GBP51 million of funds under management to AFH's total.
The final amount depends on Knight O'Byrne's performance over the next two years.
The acquisition was completed on Monday, according to the statement.
Knight O'Byrne is the second chartered financial planning firm acquired by AFH since it listed on AIM, following the acquisition of Finlay Gow & Company Ltd in July.
"Shareholders can expect continued strong news-flow over the forthcoming period, and the company looks forward to providing the market with an update on trading in due course," Chief Executive Alan Hudson said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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