11 Jun 2018 07:00
11 June 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF CORVILLE FINANCIAL SERVICES LIMITED
The Board of AFH, a leading financial planning led wealth management firm, is pleased to announce the completion of the acquisition of Corville Financial Services Limited ("Corville Financial") based in York. Following the acquisition, Debbie and Nick Burchall will join AFH as advisers together with one employed adviser and a small support team.
Under the terms of the acquisition, the maximum purchase price is £2.9m based on the ongoing profitability of the business subject to the fulfilment of certain financial targets.
The initial consideration for the acquisition is £1,467,200 in cash, funded from the Company's existing cash resources. Further deferred consideration will be payable in cash over the next 26 months in two tranches, subject to performance criteria of the business acquired being achieved.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This latest acquisition, our eighth of the financial year, continues to consolidate our national distribution within the core AFH client base. I am pleased to welcome Debbie and Nick together with their team to AFH and look forward to working with them to consolidate our presence in North Yorkshire and continue our growth for the benefit of our new clients and to increase shareholder value."
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.