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AFH completes acquisition of three Midlands IFAs


Discretionary wealthy manager and independent financial advisory (IFA) firm AFH has recently completed the acquisition of three Midlands-based IFA businesses for a total cash consideration of GBP371,500.

These acquisitions re in-line with the strategy set out in AFH’s June 2011 Admission Document to take advantage of the opportunities arising  from the  fragmented nature of the IFA market and the additional burdens imposed on certain IFA’s by the  Retail Distribution Review, which comes into effect from 31 December 2012.
The three businesses acquired will add more than 1,300 new clients to the Company. The principal attraction for AFH, however, lies in the opportunity to provide advice and investment services to the new clients and the incremental increase in AFH’s recurring revenues.

AFH is continuing to investigate a number of opportunities to acquire additional IFA’s and expects to make further announcements in due course. Since its flotation in June 2011, AFH has increased the number of its IFA’s by 17% and the Company expects to have more in place by the end of this year. Total staff at the Company has also grown by 36% to over 100.

The consideration for the acquisitions has been satisfied from AFH’s existing resources.

Alan Hudson, Chairman and CEO of AFH, says: "Today’s acquisitions reaffirm the Company’s stated intentions within the Admission Document at the time of flotation. It’s been an incredibly active period since our June IPO this year, which has seen growth in all aspects of the Company. The acquisition of these three IFA businesses will result in a significant increase in recurring revenue, IFA’s and additional advice related services. The Company has a healthy balance sheet and continues to carry no debt.

"The Company remains well placed to grow and, in line with the strategy set out at the time of our listing, we continue to seek to further our position through both organic and acquisitive growth. The Company expects to update the market on progress in this respect in due course.”

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