View more on these topics

AFH completes £2.9m advice acquisition

AFH Alan Hudson 700

Consolidator AFH has announced a deal to acquire a Devon-based financial planner for up to £2.9m.

The advisers of Davisons Financial Management will join AFH on completion of the deal, which will see Davisons former parent Davisons Chartered Accountants continue to act as an introducer.

The final sum paid will be contingent on the planner’s profitability over the next two years. AFH has paid £1.1m up front, taken from a combination of cash reserves and the issuing of 71,915 shares at a price of 146p.

Of the remaining sum, AFH will pay up to £1.68m in cash, with the balance to be raised through further share issuance.

The deal is AFH’s 13th acquisition since listing on the AIM in June last year.

AFH chief executive Alan Hudson says: “The structure of this deal, which enables the vendors to participate in any future uplift in revenue and profitability through the issue of the consideration shares and will be held for a minimum period of three years, reflects their belief that the sector has significant potential and that our business model is value enhancing.”

Recommended

AFH acquires two advice firms for £1.1m

Consolidator AFH Financial has acquired two advice firms in deals worth a total of £1.1m. AFH will pay up to £585,000 for Quest Financial Management, which has been acquired for an initial cash payment of £292,500. The remainder is payable over the next two years dependent on performance. Quest’s two advisers left the firm on […]

AFH Alan Hudson 700

AFH Financial share placing raises £750k

AFH Financial has raised £750,000 through a share placing to fund further acquisitions. The advice firm has placed 535,716 new ordinary shares of 10 pence each at 140 pence per share. The placing shares will represent 2.7 per cent of the company’s enlarged ordinary share capital. AFH says the proceeds will be used to continue […]

AFH Alan Hudson 700

AFH acquires national IFA in £4.1m deal

Consolidator AFH Financial Group has acquired a national IFA for up to £4.1m, its largest acquisition deal to date. AFH has acquired Stroud-based Independent Financial Services (U.K.) for an initial cash sum of £450,000, paid on completion of the deal yesterday. A further sum of up to £3.65m will be paid in three tranches over […]

AFH Alan Hudson 700
1

AFH profits hit by costs of listing on Aim

IFA consolidator AFH Financial Group saw pre-tax profits fall 18 per cent over the year from £1.05m to £861,000 due to the costs of listing on Aim last June. The company incurred admin expenses of £6.8m in the year to 31 October related to listing costs, with £197,000 of this written off during the year. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment