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AFH Financial acquires AG Financial

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AFH Financial Group has acquired AG Financial Planning, an IFA based in Bridgend, Wales.

AG Financial has approximately GBP28m of funds under management for around 200 clients and had recurring revenues of approximately GBP140,000 in its most recently completed financial year.
 
Robert Donaldson, the vendor of AG Financial, is being retained by AFH as an adviser.
 
The maximum consideration for the acquisition is GBP422,000. This will be satisfied by an initial cash payment of GBP195,000 from the company's existing resources, followed by further cash consideration of up to GBP227,000 depending on the performance of AG Financial in the 24 months following completion.
 
The acquisition is AFH’s 17th since listing on ISDX in June 2011 and its fourth since the Retail Distribution Review (RDR) was implemented on 1 January 2013.
 
Alan Hudson (pictured), chairman and chief executive of AFH, says: "I am pleased to welcome Robert and his clients to our growing advisory team. This transaction underlines our strategy of making synergistic acquisitions which enhance our existing offering."

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