(Alliance News) - Wealth management firm AFH Financial Group PLC said Monday it bought the client portfolios of Warwickshire-based Groom Associates LLP for up to GBP615,000 in cash.
AFH will pay an initial GBP321,000 in cash, plus further deferred consideration payable subject to Groom meeting certain unspecified performance criteria. In total, the maximum consideration for the acquisition will be GBP615,000.
"Our eighth acquisition of the financial year is the client portfolio of an established IFA business in Studley," AFH Chief Executive Officer Alan Hudson said.
"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," Hudson added.
Shares in AFH were 1.5% higher at 278.00 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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