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Acquisition

5 Sep 2018 07:00

RNS Number : 7670Z
AFH Financial Group Plc
05 September 2018
 

5 September 2018

AFH FINANCIAL GROUP PLC

("AFH" or the "Company")

 

ACQUISITION OF ASHTON HOUSE IFA LIMITED

 

The Board of AFH, a leading financial planning led wealth management firm, is pleased to announce the completion of the acquisition of Ashton House IFA Limited, a directly authorised firm based in Bedfordshire. As a result of the transaction Tony James will join AFH as a Financial Adviser and continue to support his existing client base whilst developing the AFH presence in the Home Counties.

 

Under the terms of the acquisition, the maximum purchase price is £2.6m dependent upon performance criteria of the business acquired. The initial consideration for the acquisition is £1.05m in cash, funded from the Company's existing cash resources. Further deferred consideration will be payable in cash over the next 26 months, subject to enhanced performance criteria of the business being achieved. For the twelve month period ended 31 October 2017, Ashton House made profit before tax of £370,000. On a post acquisition pro-forma basis the business would have generated an estimated profit before tax of £500,000 in the period.

 

Commenting, Alan Hudson, Chief Executive of AFH, said:

 

"The acquisition of Ashton House extends AFH's client base and coverage within the Home Counties and complements other acquisitions made in 2018, including Harrison White and Monopoly Financial Consultants, which were announced earlier this year. I am pleased to welcome Tony to AFH and I look forward to working with him to develop the business and provide his existing clients with the benefits of the AFH proposition.

 

This is our thirteenth acquisition this year and together with the transactions recently announced reflects the activity we are seeing in the sector."

 

Enquiries:

 

AFH Financial Group PLC 01527 577 775

Alan Hudson, Chief Executive Officer

Paul Wright, Chief Financial Officer

www.afhfinancialgroup.com

 

Liberum (Nominated Adviser and Broker) 020 3100 2000

John Fishley/Richard Bootle/Euan Brown

 

This announcement is released by AFH Financial Group plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Paul Wright, Chief Financial Officer.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQUGUQCBUPRGQC
Date   Source Headline
18th Jun 20217:30 amRNSSuspension - AFH Financial Group plc
18th Jun 20217:00 amRNSCancellation - AFH Financial Group plc
17th Jun 202112:55 pmRNSScheme of arrangement becomes effective
17th Jun 202112:24 pmRNSHolding(s) in Company
17th Jun 20217:30 amRNSSuspension - AFH Financial Group plc
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14th Jun 20216:00 pmRNSAFH Financial Group
14th Jun 20215:53 pmRNSDirector/PDMR Shareholding
11th Jun 20213:11 pmRNSForm 8.3 - AFH FINANCIAL GROUP PLC
11th Jun 20219:32 amRNSForm 8.3 - AFH Financial Group Plc
28th May 20217:00 amRNSNotice to CULS holders
25th May 20219:37 amRNSForm 8.3 - [AFH FINANCIAL GROUP PLC]
25th May 20217:00 amRNSUpdate re: CULS Proposals
21st May 20214:16 pmRNSNotice of court hearing, expected scheme timetable
20th May 20213:09 pmRNSForm 8.3 - AFH FINANCIAL GROUP PLC
19th May 20217:00 amRNSReceipt of approval from the FCA
12th May 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
12th May 20219:19 amRNSForm 8.3 - [AFH FINANCIAL GROUP PLC]
11th May 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
11th May 20219:19 amRNSForm 8.3 - [AFH FINANCIAL GROUP PLC]
10th May 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
7th May 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
6th May 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
4th May 20217:00 amRNSForm 8.3 - AFH FINANCIAL GROUP PLC
16th Apr 20219:29 amRNSForm 8.3 - [AFH FINANCIAL GROUP PLC]
15th Apr 20214:58 pmPRNForm 8.3 - AFH Financial Group Plc
15th Apr 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
14th Apr 20213:10 pmRNSRule 2.9 Announcement
14th Apr 20211:07 pmRNSConversion of CULS and Total Voting Rights
14th Apr 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
9th Apr 202112:00 pmRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
9th Apr 20218:50 amRNSForm 8.3 - AFH FINANCIAL GROUP PLC
8th Apr 20219:10 amRNSForm 8.5 (EPT/RI) - AFH Financial Group plc
7th Apr 20218:49 amRNSForm 8.3 - AFH FINANCIAL GROUP PLC
30th Mar 20213:30 pmRNSForm 8.3 - AFHP LN
30th Mar 20219:42 amGNWForm 8.5 (EPT/RI) - Afh Financial Group Plc
30th Mar 20219:20 amRNSForm 8.3 - AFH Financial Group Plc
29th Mar 20213:37 pmRNSForm 8.3 -AFH FINANCIAL GROUP PLC
29th Mar 20213:11 pmRNSForm 8.3 - AFH FINANCIAL GROUP PLC
26th Mar 20214:28 pmRNSRESULTS OF RECONVENED COURT MEETING AND GM
19th Mar 20214:23 pmRNSHolding(s) in Company
18th Mar 20215:15 pmEQSForm 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc
18th Mar 20213:30 pmRNSForm 8.3 - AFHP LN
15th Mar 20213:30 pmRNSForm 8.3 - AFHP LN
12th Mar 20211:04 pmRNSResult of AGM
11th Mar 20213:30 pmRNSForm 8.3 - AFHP LN
11th Mar 20219:52 amRNSForm 8.3 - AFH Financial Group Plc
10th Mar 20214:57 pmRNSSupplemental Scheme Document
10th Mar 20214:07 pmBUSForm 8.3 - AFH Financial Group plc
10th Mar 20219:48 amGNWForm 8.5 (EPT/RI) - Afh Financial Group Plc

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