5th Sep 2018 09:52
LONDON (Alliance News) - AFH Financial Group PLC said Wednesday it completed the acquisition of Bedfordshire-based firm Ashton House IFA Ltd in a deal worth up to GBP2.6 million, depending on the future performance of the business.
AFH Financial shares were trading 6.8% higher at 407.00 pence each on the back of the news.
The wealth management services firm said the initial consideration for the acquisition is GBP1.1 million in cash, funded from the company's existing resources. Further deferred consideration will be payable in cash over the next 26 months, AFH said.
For the twelve months to October 2017, Ashton House made pretax profit of GBP370,000.
AFH Financial Chief Executive Officer Alan Hudson said: "The acquisition of Ashton House extends AFH's client base and coverage within the home counties and complements other acquisitions made in 2018, including Harrison White and Monopoly Financial Consultants, which were announced earlier this year.
"This is our thirteenth acquisition this year and together with the transactions recently announced reflects the activity we are seeing in the sector."
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