AFH Financial Group Plc Acquisition (8544Q)

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RNS Number : 8544Q

AFH Financial Group Plc

11 June 2018

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 GBP2.9m based on the ongoing profitability of the business subject to the fulfilment of certain financial targets.

The initial consideration for the acquisition is GBP1,467,200 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 11, 2018 02:00 ET (06:00 GMT)