AFH Financial Group Plc Acquisition of assets of CRS Financial Planning (3880L)

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RNS Number : 3880L

AFH Financial Group Plc

03 October 2016

3 October 2016

AFH FINANCIAL GROUP PLC

("AFH" or the "Company")

ACQUISITION OF THE ASSETS OF CRS FINANCIAL PLANNING

AFH, a leading financial planning led wealth management firm, is pleased to announce the acquisition of the assets of CRS Financial Planning ("CRS"), an East Anglian based IFA, which was completed on 30 September 2016. Following the acquisition Chris Stapleton, the vendor, will retire from the business and clients will be serviced by existing AFH advisers.

Under the terms of the acquisition, the maximum consideration payable by AFH is GBP663,670, representing approximately 2.6% of the Funds under Management ("FUM"). An initial cash consideration of GBP378,920 has been paid upon completion, satisfied from the Company's existing cash resources. Further deferred consideration of up to GBP284,750 will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets acquired from CRS.

The acquisition is AFH's first corporate transaction of the current financial year, consistent with its stated strategy of making carefully selected acquisitions which will be value enhancing. CRS will add approximately GBP25m to AFH's funds under management.

Commenting, Alan Hudson, Chief Executive of AFH, said:

"The acquisition of the assets of CRS follows the strategy, established by the Company when we listed on AIM in June 2014, of making selective acquisitions to develop our expansion nationally and leverage our central investment and support functions."

"The Company continues to seek high quality businesses that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders."

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 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 03, 2016 02:00 ET (06:00 GMT)