23 Aug 2018 07:00
23 August 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF HARVEY CURTIS 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 Harvey Curtis LLP based in Burgess Hill West Sussex. As a result of the transaction Nigel Poole and David Clark, together with their support staff, will join AFH and continue to work with their existing clients.
Under the terms of the acquisition, the maximum purchase price is £2.63m dependent upon performance criteria of the assets acquired. Based on a pro forma post acquisition model the business is targeted to generate in excess of £600,000 of annualised EBITDA.
The initial consideration for the acquisition is £1.22m 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.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"Our tenth acquisition of the financial year is the client portfolio of an established IFA business in West Sussex. I am pleased to welcome Nigel and David, together with their team, to AFH and look forward to further developing the Company's presence in the South East.
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
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.