28th Jul 2014 08:34
LONDON (Alliance News) - AFH Financial Group PLC Monday said it has bought the assets of Edinburgh-based Finlay Gow & Co Ltd, marking its first acquisition since listing on AIM in June and also its entry into the Scottish market.
Under the terms of the deal, AFH will pay a maximum of GBP675,000 for the chartered financial planning firm. AFH said the acquisition will add GBP40.0 million in funds under management, bringing its total to GBP820.0 million.
AFH said that it will pay an initial GBP337,500 in cash, followed by a further cash payment of up to that amount again over the next 26 months in two tranches depending on performance.
Finlay Gow reported recurring revenues of GBP175,000 during the financial year ended March 31.
"The last quarter has seen a significant level of activity at the company - a period which has included two successful capital raisings, the acquisition of the assets of Norwich-based Omega Consulting and the company's admission to AIM," Chief Executive Alan Hudson said in a statement.
Finlay Gow's directors, Andrew Bandura and David Whigham, will join AFH as advisers.
AFH shares were Monday untraded at 152.50 pence.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AFHP.L