AFHP.L Share News (AFHP)

(Sharecast News) - Financial planning-led wealth management firm AFH Financial Group announced the completion of the acquisition of Hayburn Rock Group and its subsidiary companies, based in Stourbridge, West Midlands, on Monday.The AIM-traded firm said that as a result of the acquisition, Stephen Perks - together with nine advisers - would join AFH, bringing more than £100m of funds under management, and to continue to support their existing client base.Under the terms of the acquisition, the maximum purchase price was £3.5m depending on performance criteria of the business acquired.The initial consideration for the acquisition was £0.9m in cash, funded from the company's existing cash resources.Further deferred consideration would be payable in cash over the next 29 months, subject to enhanced performance criteria based on post completion post synergy profitability.For the 12 month period ended 31 December 2017, the business reported revenues of £2.1m and profit before tax of £0.4m."The acquisition of Hayburn is our fourth transaction this financial year and further consolidates AFH as a leading financial planning led wealth management firm in the West Midlands and indeed the UK," said AFH Financial Group chief executive officer Alan Hudson."Hayburn is a local business to AFH which should enable an efficient integration process."I am pleased to welcome Stephen and his team to AFH and look forward to working with them to provide their existing clients with the benefits of the full range of AFH services and to increase shareholder value."