AFH Financial Group Plc Acquisition (4932Z)
2018年9月3日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
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RNS Number : 4932Z
AFH Financial Group Plc
03 September 2018
3 September 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF LFS & PARTNERS LIMITED
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion of the
acquisition of LFS & Partners Limited ("LFS"), a directly
authorised firm based in Devon with offices in Barnstable, Taunton
and Minehead. As a result of the transaction James Tucker, together
with 27 financial and mortgage advisers and their support staff,
will join AFH bringing over GBP300m of FUM to significantly expand
the AFH presence in the South West.
Under the terms of the acquisition, the maximum purchase price
is GBP4.2m dependent upon performance criteria of the business
acquired. The initial consideration for the acquisition is GBP2.2m
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 enhanced performance criteria of the business
being achieved. For the twelve month period ended 31 August 2017,
LFS made profit before tax of GBP425,000. On a post acquisition
pro-forma basis, during the current year ended 31 August 2018 the
business would have generated an estimated profit before tax in
excess of GBP800,000.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"The acquisition of LFS is our twelfth transaction of the year
and enhances AFH's strong position in the South West. The
transaction complements our successful integration of Davisons in
2016 and 3 subsequent acquisitions in the region. I am pleased to
welcome James and his team to AFH and I look forward to working
with them to further the development of the AFH brand and to
provide the LFS existing clients with the benefits of the enhanced
AFH proposition."
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 /Euan Brown
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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQUGUAWBUPRPUP
(END) Dow Jones Newswires
September 03, 2018 02:00 ET (06:00 GMT)
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