25 Sep 2018 07:00
25 September 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF THE COLWYN BAY OFFICE FROM THE JOINT SPECIAL ADMINISTRATION OF BEAUFORT ASSET CLEARING SERVICES LIMITED AND THE ADMINISTRATION OF BEAUFORT SECURITIES LIMITED
The Board of AFH, a leading financial planning led wealth management firm, is pleased to announce the completion of the acquisition of the client portfolios of the Colwyn Bay office from the joint special administrators of Beaufort Asset Clearing Services Limited and the joint administrators of Beaufort Securities Limited. As a result of the transaction Laurie Beevers and Andrew Jones intend to join AFH Private Wealth Limited and continue to advise the clients of the Colwyn Bay office.
Under the terms of the acquisition, the consideration for the acquisition is £250,000 in cash, funded from the Company's existing cash resources. Following an initial payment of £50,000 the balance will be paid on the achievement of certain milestones.
The transaction will add up to £130m of Funds under Management to the Company.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This acquisition will strengthen AFH Private Wealth Limited, adding new clients, together with their significant portfolios, and bringing the experience of Laurie and Andrew to the Company. I am pleased that this transaction will provide the clients of Beaufort's Colwyn Bay office with greater security for the future and access to the AFH Group proposition".
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.