AFH FINANCIAL GROUP PLC Acquires the assets of J W Wealthcare Ltd
The Board of AFH, a leading financial planning led wealth management firm, is pleased to announce the completion on 4 December 2017 of the acquisition of the assets of J W Wealthcare Ltd, based in the South East of England (the "Acquisition"). Following the Acquisition, John Walpole will join AFH as an adviser.
Under the terms of the Acquisition, the combined maximum purchase price is £1.1m, payable in cash over the next 26 months in four tranches, dependent upon performance criteria being met. The Acquisition is expected to contribute an aggregate of approximately £300,000 of recurring revenue to the Company.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"I am pleased to welcome John to AFH and look forward to working with him to continue our growth within the South East."
"This acquisition, our second since 1st November, highlights the continued high level of activity that we are seeing in the market and continues our strategy of enhancing our organic growth with selective acquisitions."