AFH Financial Group buys Devon-based financial management company for £1.4m
Wealth manager AFH Financial Group has bought Devon-based Bay Financial Management, for up to £1.4m to strengthen the company’s presence in the south west of England.
AFH Financial Group
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Of the £1.4m, £595,000 was paid upfront in cash and a further £805,000 will be paid over the next 24 months in two tranches depending on Bay’s performance.
Bay is expected to add about £73m to the AIM-listed company’s funds under management.
Chief executive Alan Hudson said: "This acquisition continues to strengthen our presence in the south west ... is our fifth acquisition this year and will be integrated in line with our established model to enhance shareholder value during the current financial year.”
He added that the company has a strong pipeline of future acquisitions.
Shares in AFH Financial Group were up 0.28% to 181.50p at 0858 GMT.