LONDON (Alliance News) - AFH Financial Group PLC said Friday that it has acquired the assets of Hindsight Financial Services Ltd for a maximum of GBP281,150, its third acquisition since listing on AIM in June this year.
AFH said that the acquisition of the Northampton-based company immediately adds GBP15 million of funds under management, bringing the company's total funds under management to GBP840 million and total adviser headcount to 136.
Under the terms of the acquisition, which completed Thursday, AFH will pay a maximum consideration of GBP281,250, to be paid through an initial cash payment of GBP140,625 on completion, followed by a further cash consideration of GBP140,625, payable over the next 26 months in two tranches and dependent upon performance criteria of Hindsight over the next two years.
Following the acquisition, Hindsight director Trevor Dimmock, will join AFH as an adviser and continue to service his clients, said the company.
AFH also said Friday that it has acquired client bank of Jeff Seward & Partners, based in Cardiff, for up to GBP45,000 - further supporting AFH's acquisition strategy of buying sole traders who wish to retire and exit the industry, said the AIM-listed company, with clients to be serviced by existing AFH advisers.
"Today's transaction sees further geographical expansion of the AFH brand and continues to underpin the Board's strategy of growing the business both organically and through select and opportune acquisitions," said Chief Executive of AFH, Alan Hudson.
"In a period of less than three months since moving from ISDX, the Company is beginning to see the benefits of its AIM listing. The Board remains focused on building a significant footprint within the UK and continuing to grow shareholder value," added Hudson.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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