14th Jan 2019 11:12
LONDON (Alliance News) - AFH Financial Group PLC on Monday said it has completed the acquisition of financial adviser Hayburn Rock Group Ltd for up to GBP3.5 million.
The wealth management firm said it paid the initial consideration of GBP900,000 in cash, funded from its existing cash resources. Further deferred consideration will be payable in cash over the next 29 months, subject to performance criteria.
For 2017, Hayburn Rock reported revenue of GBP2.1 million and pretax profit of GBP400,000.
Hayburn Rock managing Director Stephen Perks together with nine advisers will join AFH, the company noted, bringing over GBP100 million of funds under management, and continue to support their existing client base.
"The acquisition of Hayburn is our fourth transaction this financial year and further consolidates AFH as a leading financial planning led wealth management firm in the West Midlands and indeed the UK. Hayburn is a local business to AFH which should enable an efficient integration process," said AFH Chief Executive Alan Hudson.
AFH shares were trading 0.9% lower on Monday at 341.00 pence each.
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