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AFH completes acquisition of Lifetime Investment and Seminar Services
Planning-led wealth management firm AFH Financial Group announced the completion of the acquisition of the client portfolios of Lifetime Investment and Seminar Services based in South Yorkshire on Monday.
The AIM-traded firm said that, following the acquisition, the clients of Lifetime Investment and Seminar Services would be serviced by existing AFH advisers, and the principle Mark Penty would retire.
Under the terms of the acquisition, the maximum purchase price was £0.5m, dependent on performance criteria of the assets acquired.
The initial consideration for the acquisition was £257,000 in cash, funded from the company's existing cash resources.
Further deferred consideration would be payable in cash over the next 26 months in two tranches, subject to performance criteria of the assets acquired being achieved.
"This latest acquisition, the fifth during the current financial year, continues our strategy of providing a stable and well capitalised business within which successful IFAs can continue to provide their clients with professional advice and investment opportunities, both on a personal basis and in retirement," commented AFH chief executive Alan Hudson.