AFH Financial snaps up Duchy Wealth Management
AIM-listed wealth management firm, AFH Financial, has completed the acquisition of Cornwall-based Duchy Wealth Management.
AFH Financial Group
475.00p
16:04 17/06/21
Financial Services
13,969.36
17:09 25/04/24
FTSE AIM All-Share
753.12
16:50 25/04/24
Under the terms of the deal, the maximum purchase price is £630,000 subject to the fulfilment of certain profitability targets. Duchy will add around £60m funds under management to the company and for the financial year ended 31 March 2017 achieved reported pre-tax profit of £286,544.
The initial consideration for the acquisition is £0.31m in cash, funded from existing cash resources. There is also a further deferred consideration of up to £0.32m in cash payable over the next 26 months in two tranches, dependent on the acquired business's performance.
Chief executive Alan Hudson said: "This thirteenth purchase of an IFA businesses during the current financial year demonstrates the continued high level of activity that we are seeing in the market. The latest acquisition enhances our position in the South West of England and I am pleased to welcome Simon to AFH and look forward to working with him to continue our growth in this region."
At 1010 BST, the shares were down 0.2% to 249.60p.