Fri, 13 Sep 2019 | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headquartered in Bromsgrove, has successfully completed the acquisition of AE Garment Independent Financial Services based in Hemel Hempstead, and Twickenham-based Mulberry Independent Financial Advisers.
AFH is set to acquire the two companies for a maximum consideration of £7.2 million.
An initial consideration of £2.3 million was paid for Mulberry from AFH’s cash reserves, with a maximum purchase price pegged at £5.3 million depending on performance.
Similarly, an upfront payment of £1 million was paid for AE Garment Independent Financial Services, with £1.9 million listed as its top price.
Chief executive of AFH Financial Group, Alan Hudson, said: “The announcement of these latest acquisitions follows our recently completed £15 million placing in July 2019.
“Notably, the acquisitions have been completed on attractive, value-enhancing multiples, in line with our business model and those negotiated in previous transactions.
“We continue to undertake due diligence on the pipeline of acquisition opportunities that were referenced in the placing announcement and look forward to updating the market in due course.
“The company continues to enjoy strong organic inflows of funds from existing and new clients with low redemptions.
“During the current year, double-digit gross inflows continue to be achieved whilst outflows, including pension drawdowns, remain below 2 per cent.”
The two deals are expected to bring in £215 million worth of funds to AFH’s management, raising its total to more than £5.6 billion.
Hudson added: “As we continue to build AFH into the leading financial planning led wealth management firm in the UK, we are primarily focused on driving the organic growth of our business by providing professional and cost-effective services to our clients and, in turn, enhancing profitability.
“Following the placing the company retains significant levels of cash and remains well placed in this period of economic and political uncertainty to continue its record of delivering profitable growth and enhanced shareholder value.”
CLC licensed law firm based in Surrey looking for a sale due to retirement. Owner happy to stay on in short term for smooth handover. Work types are Residential Conveyancing, Wills & Probate and some Commercial Property matters. Offers invited.
Small general practice for sale based in Hertfordshire specialising in Commercial & Residential Conveyancing and Private Client with a small amount of litigation. SRA regulated, limited company structure. Looking to either sell the company or alterna...
This long established and market leading company is the pre-eminent name in the UK for providing specialist productivity improvement across all business sectors and delivered globally. Its role is to help clients get more out of their businesses by r...
LEASEHOLD
|
10
|
|
Jul
|
Mobile phone supplier and recycler goes into administration | ADMINISTRATION
Mobile phone refurbishment company Redeem UK has gone into a...
|
09
|
|
Jul
|
John Lewis to close eight stores as COVID-19 accelerates shift to online | BUSINESS NEWS
Department store chain John Lewis has said that eight of its...
|
09
|
|
Jul
|
Chancellor cuts VAT on hospitality as part of £30 billion rescue plan | BUSINESS NEWS
Chancellor Rishi Sunak has announced a £30 billion pla...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources