AFH Fin Group Plc (LON:AFHP), a leading financial planning led wealth management firm, has today announced the completion of the acquisition of CWP Financial Services Limited based in Ashford, Kent. Following the acquisition Bob Perry will retire and the clients of CWP will be serviced by existing AFH advisers.
Under the terms of the acquisition, the maximum purchase price is £890,000 based on the ongoing recurring revenue of the business subject to the fulfilment of certain financial targets.
The initial consideration for the acquisition is £470,000 in cash, funded from the Company’s existing cash resources. Further deferred consideration will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the business acquired.
Commenting, Alan Hudson, Chief Executive of AFH Fin Group Plc, said:
“This latest acquisition further enhances our position in the South East of England and continues our strategy of providing a stable and well capitalised business within which the clients of retiring IFAs can continue to receive appropriate professional advice and investment management.”