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AFH Financial acquires Broadleaf Financial Services
18th Sep 2019 08:59
(Sharecast News) - Wealth management firm AFH Financial has acquired Wirral-based independent financial advisers Broadleaf Financial Services for up to £3.2m.
The AIM-listed group said on Wednesday that it has made an initial consideration for the acquisition of £1.7m, paid from existing cash reserves, with the balance payable in cash over a 26-month period.
Under the terms of the acquisition, four advisers from Broadleaf and their support staff will join AFH, bringing their clients and £140m of funds under management along with them.
AFH's acquisition follows the recent addition of Mulberry Independent Financial Advisers and AE Garment to the group, bringing its total committed spend to £10.4m since its convertible loan stock placing back in July.
Chief executive Alan Hudson said: "As previously reported, in this period of economic and political uncertainty we remain focused on driving the organic growth of our business by providing professional and cost-effective services to our clients and, in-turn, enhancing profitability.
"The company remains well capitalised to take advantage of the previously identified acquisition opportunities and to continue its record of delivering profitable growth and enhanced shareholder value."
As of 0900 BST, AFH shares had picked up 1.72% to 296p.
The AIM-listed group said on Wednesday that it has made an initial consideration for the acquisition of £1.7m, paid from existing cash reserves, with the balance payable in cash over a 26-month period.
Under the terms of the acquisition, four advisers from Broadleaf and their support staff will join AFH, bringing their clients and £140m of funds under management along with them.
AFH's acquisition follows the recent addition of Mulberry Independent Financial Advisers and AE Garment to the group, bringing its total committed spend to £10.4m since its convertible loan stock placing back in July.
Chief executive Alan Hudson said: "As previously reported, in this period of economic and political uncertainty we remain focused on driving the organic growth of our business by providing professional and cost-effective services to our clients and, in-turn, enhancing profitability.
"The company remains well capitalised to take advantage of the previously identified acquisition opportunities and to continue its record of delivering profitable growth and enhanced shareholder value."
As of 0900 BST, AFH shares had picked up 1.72% to 296p.