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AFH Financial acquires advice firm for £970k

Consolidator AFH Financial has acquired Rochester-based advice firm CIB Wealth Management in a deal that could eventually be worth over £970,000.

AFH will initially pay £453,600 alongside the issue of 31,500 “consideration” shares of 10p each to Jonathan Dalby, the owner of CIB, at a price of 150p per share.

AFH will shell out a further £472,500 over the next 26 months based on CIB meeting specific performance criteria.

AFH chief executive Alan Hudson says: “The acquisition of CIB represents an excellent opportunity for AFH to develop our presence in the South East of England.

“The CIB transaction represents our eighth acquisition since listing on AIM in June 2014 and adds over £40m of funds under management to the group.  Importantly, it also provides CIB advisers the opportunity to develop their own client bases with the support and infrastructure of a larger business and to build a future capital value through AFH’s in-house adviser practice buy-out scheme.”

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