LONDON (Alliance News) - Wealth manager AFH Financial Group PLC on Wednesday said it has acquired Lancashire-based independent financial adviser David Rushden Associates Ltd.
AFH will pay a maximum of GBP298,125 to acquire Rushden, comprising an initial cash consideration of GBP157,500 and GBP140,625 payable over the coming 26 months depending on Rushden hitting certain performance targets.
David Rushden, who is selling the business to AFH, will join the London-listed firm as part of the acquisition. His firm has around GBP16.5 million in assets under management on its books.
"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," said AFH Chief Executive Alan Hudson.
"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," Hudson added.
AFH shares were untraded on Wednesday, having last traded at 160.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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