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AFH acquires York-based financial services firm
AIM-quoted wealth management firm AFH Financial Services completed its acquisition of York-based firm Corville Financial Services on Monday for a maximum purchase price of £2.9m.
AFH's initial consideration of £1.46m in cash, funded from its existing cash resources, was just the first of three paymentd to Corville, with further deferred consideration to be made in cash over the next 26 months in two tranches, subject to performance criteria of the business.
Following the acquisition, AFH revealed that Corville's Debbie and Nick Burchall were set to join AFH as advisers along with a small support team.
Alan Hudson, chief executive of AFH, said, "This latest acquisition, our eighth of the financial year, continues to consolidate our national distribution within the core AFH client base."
"I am pleased to welcome Debbie and Nick together with their team to AFH and look forward to working with them to consolidate our presence in North Yorkshire and continue our growth for the benefit of our new clients and to increase shareholder value," he added.
As of 0845 BST, AFH shares had grown 3.48% to 357p.