11th Jun 2018 10:36
LONDON (Alliance News) - Wealth management firm AFH Financial Group PLC said Monday its acquired York-based Corville Financial Services Ltd for up to GBP2.9 million.
AFH will pay an initial GBP1.5 million in cash which will be paid through its existing cash resources. The further deferred cash consideration will be paid over the following 26 months in two tranches. The amount will depend on unspecified performance targets being achieved.
Following the acquisition, advisers Debbie and Nick Burchall, one employed adviser and a small support team will join AFH.
"This latest acquisition, our eighth of the financial year, continues to consolidate our national distribution within the core AFH client base," AFH Chief Executive Officer Alan Hudson said. "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."
Shares in AFH were 3.5% higher at 357.00 pence on Monday.
Related Shares:
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