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1 Feb 2017 07:00
1st February 2017
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF TAYLOR FROST WEALTH MANAGEMENT LIMITED
AFH, a leading financial planning led wealth management firm, is pleased to announce the acquisition of the assets of Taylor Frost Wealth Management Limited ("Taylor Frost"), an IFA business based in South West London. Following the acquisition Keith Taylor will join AFH as an adviser.
Under the terms of the acquisition, the maximum consideration payable by AFH is £1,245,000. An initial cash consideration of £595,000 has been paid upon completion, satisfied from the Company's existing cash resources. Further deferred consideration of up to £650,000 will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets acquired.
This is AFH's fourth acquisition of the current financial year and follows the acquisitions of Aberdeen Wealth Management Limited and Shield Direct Limited announced earlier this month.
Taylor Frost will add approximately £45m to AFH's funds under management.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This acquisition will establish AFH in London and I look forward to working with Keith and our South East based advisers to develop our presence in the capital. Keith has built a strong reputation in the medical and dental sectors which I believe will enable AFH to build a specialised service to this sector on a national scale."
"The success of our acquisition strategy and our ability to integrate numerous acquisitions was set out in the statement on our full year results reported on Monday. We continue with this disciplined approach and have a strong pipeline of future acquisition opportunities."
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
Camarco 0203 757 4985
Geoffrey Pelham-Lane / Jennifer Renwick
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