Search Share Prices
AFH Financial completes Harrison White acquisition
AIM-listed financial planning-led wealth management firm, AFH Financial, has completed the acquisition of Hertfordshire-based Harrison White.
Under the terms of the acquisition, which will see Steve White join AFH as an adviser, the maximum purchase price is £738,000 based on the ongoing gross profitability of the business subject to the fulfilment of certain financial targets.
AFH said the deal is expected to contribute an aggregate of around £410,000 a year of revenue, while adding £55m of funds under management.
The initial consideration for the acquisition is £362,280 in cash, funded from the company's existing resources. A further deferred consideration will be payable in cash over the next 26 months in two tranches, subject to performance criteria.
Chief executive Alan Hudson said: "I am pleased to report our fourth acquisition of the financial year which further strengthens our presence in the Home Counties. Steve maintains a strong local network through his sporting connections and I look forward to working with him for the benefit of our new clients and to increase shareholder value."
At 1345 GMT, the shares were up 3% to 340p.