21 Feb 2017 07:00
21 February 2017
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF BAY FINANCIAL MANAGEMENT LIMITED AND SUBSIDIARIES
The Board of AFH, a leading financial planning led wealth management firm, is pleased to announce the acquisition of Bay Financial Management Limited ("Bay"), an IFA based in Honiton, Devon, which was completed on 20 February 2017 (the "Acquisition"). As a result of the Acquisition, Seamus Coleman, Simon Durant and Nigel Hull have joined the AFH Group.
Under the terms of the Acquisition, the maximum consideration payable by AFH is £1.4 million based on the performance of Bay over the next 24 months.
The consideration for the Acquisition is to be paid in cash. The initial consideration has been satisfied by a payment upon completion of £595,000 funded from the Company's existing cash resources.
Further deferred consideration of up to £805,000 will be payable over the next 24 months in two tranches and dependent upon set performance criteria of Bay over the period.
Bay will add approximately £73m to AFH's funds under management.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This acquisition continues to strengthen our presence in the South West and I look forward to working with Seamus, Simon and Nigel to further develop AFH.
The acquisition of Bay is our fifth acquisition this year and will be integrated in line with our established model to enhance shareholder value during the current financial year. We continue to have a strong pipeline of future acquisition opportunities."
Enquiries:
AFH Financial Group PLC Alan Hudson, Chief Executive Officer Paul Wright, Chief Financial Officer www.afhfinancialgroup.com | 01527 577 775 |
Liberum (Nominated Adviser and Broker) John Fishley / Richard Bootle | 020 3100 2000 |
Camarco Geoffrey Pelham-Lane / Jennifer Renwick | 0203 757 4985 |