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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Afh Financial Group Plc | LSE:AFHP | London | Ordinary Share | GB00B4W5WQ08 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 475.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAFHP TIDMAFHB
RNS Number : 9301G
AFH Financial Group Plc
01 June 2017
2 June 2017
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF EUNISURE LIMITED
The Board of AFH, a leading financial planning led wealth management firm, is pleased to announce the acquisition of the entire issued share capital of Eunisure Limited ("Eunisure"), a face to face adviser led financial planning business focused on the protection market based in Newmarket, Suffolk, which was completed on 1 June 2017 (the "Acquisition"). The vendor and current managing director Ralph Mortlock will remain on the board of Eunisure.
Under the terms of the Acquisition, the maximum consideration payable by AFH is GBP4.5 million, based on a targeted increase in Group profitability attributable to the core Eunisure business and introduced financial planning led investment management.
The consideration for the Acquisition is to be paid in cash. The initial consideration has been satisfied by a payment of GBP1,500,000 which has been funded from the Company's existing cash resources.
Further deferred consideration of up to GBP3,000,000 will be payable over the next 48 months in four tranches dependent upon set performance criteria of Eunisure being met in each 12 month period.
For the 12 month period ended 31 December 2016 Eunisure generated revenues of GBP5.6m, and reported profit before tax of GBP241,927 (which the Company estimates to be approximately GBP950,000 profit before tax on a pro forma basis).
Commenting, Alan Hudson, Chief Executive of AFH, said:
"The protection gap in the UK has been widely reported. Eunisure is one of the leading face to face advisory businesses in this sector with national coverage throughout the UK. I believe that the acquisition of Eunisure will significantly increase the distribution capacity of AFH whilst at the same time enabling Eunisure to develop rapidly in its core market.
Eunisure has a young adviser force and we look forward to developing a number of these advisers through our structured training programmes to mortgage advisory and full financial planning qualifications.
The deal has been structured to create shareholder value through additional financial planning opportunities and growth within the existing business and I look forward to working closely with Ralph to drive both Eunisure and the distribution of AFH's wealth management services in the future.
Yesterday's acquisition of Parker Sage together with Eunisure's today represents a step change in profitability for the group adding over GBP2 million of pro forma annualised EBITDA. In addition we continue to have a strong pipeline of future acquisition opportunities."
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 information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
June 01, 2017 12:24 ET (16:24 GMT)
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