28th Aug 2018 11:35
LONDON (Alliance News) - AFH Financial Group PLC on Tuesday said it completed the acquisition of Chesterfield-based client portfolios of HTH Group Ltd for the maximum price of GBP5.1 million.
The wealth management firm said the purchase price depends upon performance criteria of the businesses acquired, with initial consideration of GBP2.3 million paid in cash.
The contingent deferred consideration will be payable in cash over the next 26 months.
Upon completion of the acquisition, AFH expects 26 advisers to join the company.
For the year to the end of March, HTH delivered a pretax profit of GBP365,000 and earnings before interest, taxes, depreciation, and amortization of GBP1.0 million.
"Our eleventh and largest acquisition of the financial year is the purchase of an established IFA business in Derbyshire and Yorkshire providing both financial planning and mortgage and protection services to a large client base," said Chief Executive Alan Hudson.
Shares in AFH Financial were up 4.5% at 345.74 pence each.
Related Shares:
AFHP.L