4 Nov 2019 07:00
4 November 2019
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF GROOM ASSOCIATES LLP
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 Groom Associates LLP ("Groom") based in Studley, Warwickshire. As a result of the transaction Bill Groom and Annabelle Duncan will retire following the acquisition and their clients will be serviced by existing AFH advisers.
Under the terms of the acquisition, the initial consideration for the acquisition is £321,000 in cash, funded from the Company's existing cash resources. Further deferred consideration will be payable in cash over the next 26 months, subject to performance criteria of the assets acquired being achieved, with the maximum purchase price being £615,000.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"Our eighth acquisition of the financial year is the client portfolio of an established IFA business in Studley. I wish Bill and Annabelle well in their retirement. The business provides a complimentary fit to AFH's core business and I am confident that Groom's existing clients will benefit from the advantages of the AFH 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
Shore Capital (Joint Broker) 020 7408 4090
Hugh Morgan / Edward Mansfield / Daniel Bush
Yellow Jersey PR Limited (Financial PR) 077 4884 3871
Joe Burgess / Annabel Atkins
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.
Notes to Editors
AFH Financial Group (AIM: AFHP) is a leading UK financial planning-led wealth management firm based in the Midlands. Founded in 1990 by CEO Alan Hudson, the Company provides wealth management and financial advisory services to over 20,000 clients in the UK. These services are delivered by over 450 professional advisers and 400 support staff.