2 Apr 2015 07:00
2 April 2015
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF CLARENDON FINANCIAL SOLUTIONS LIMITED
The Board of AFH, a leading financial planning led investment management firm, is pleased to announce the acquisition of Clarendon Financial Solutions Limited ("Clarendon"), a Nottingham based IFA, which was completed on 1st April 2015 (the "Acquisition"). Clarendon's three shareholders have joined AFH as financial advisers on completion of the Acquisition.
The purchase of Clarendon is the ninth acquisition since the Company listed on AIM in June 2014 and will add approximately £25m Funds under Management to the Company.
Under the terms of the Acquisition, the maximum consideration payable by AFH is £461,100. The initial consideration will be satisfied by a cash payment upon completion of £230,550, satisfied from the Company's existing cash resources. Further deferred consideration of up to £230,550 will be payable in cash over the next 26 months in two tranches and dependent upon performance criteria of Clarendon over the next two years.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"We are delighted to further our growth of the AFH business as we continue to see good acquisition opportunities arise. This is the sixth acquisition made during this financial year which has seen the Group expand across Devon, Kent, Oxford, the West Midlands and now the East Midlands. I am pleased to welcome Clarendon's financial advisers into the group and offer them the opportunity to develop their own client bases within AFH."
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