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12 Sep 2014 07:00
12 September 2014
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF HINDSIGHT FINANCIAL SERVICES
£15m added to AFH's total funds under management
Further national expansion into Eastern England
The Board of AFH is pleased to announce the acquisition of the assets of Northampton-based Hindsight Financial Services Limited ("Hindsight"), marking the Company's third acquisition since listing on AIM in June 2014 and the eleventh since the implementation of RDR.
This acquisition will immediately add £15m of funds under management, bringing the Company's total funds under management to £840m and total adviser headcount to 136.
Under the terms of the acquisition, the maximum consideration payable by AFH is £281,250, satisfied by an initial cash payment upon completion of £140,625, followed by a further cash consideration of up to £140,625, payable over the next 26 months in two tranches and dependent upon performance criteria of Hindsight over the next two years. Hindsight's director, Trevor Dimmock, will join AFH as an adviser and continue to service his clients. The acquisition was completed on 11 September 2014.
Further to the acquisition of Hindsight, the Board is also pleased to report the acquisition of the client bank of Jeff Seward & Partners, based in Cardiff, for up to £45,000 - further supporting AFH's acquisition strategy of buying sole traders who wish to retire and exit the industry. The clients will be serviced by existing AFH advisers.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"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.
"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."
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Allenby Capital Limited 020 3328 5656
(Nominated Adviser and Broker)
Nick Naylor
Chris Crawford
Nick Athanas
Yellow Jersey PR Limited 07768 537 739
Dominic Barretto
Kelsey Traynor
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