10.5 C
Lancashire
Friday, March 29, 2024

AFH buys Lancashire based IFA in £298k deal

AFH, a leading financial planning led wealth management firm, is pleased to announce the acquisition of the assets of David Rushton Associates Limited (“David Rushton”), a Lancashire based IFA. Following the acquisition David Rushton, the vendor, will join AFH.

Under the terms of the acquisition, the maximum consideration payable by AFH is £298,125, representing approximately 1.8% of the Funds under Management (“FUM”). An initial cash consideration of £168,875 has been paid upon completion, satisfied from the Company’s existing cash resources. Further deferred consideration of up to £140,625 will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets acquired from David Rushton.

The acquisition is AFH’s first corporate transaction of the current financial year, consistent with its stated strategy of making carefully selected acquisitions which will be value enhancing, and follows comments in our pre close trading statement on 14 November. David Rushton will add approximately £16.5m to AFH’s funds under management.

Commenting, Alan Hudson, Chief Executive of AFH, said:

“This acquisition will strengthen our position in the North West and I look forward to working with David to continue the development of AFH in the region.”

“The acquisition of the assets of David Rushton follows the strategy restated in our recent trading update of making selective acquisitions to develop our expansion nationally and leverage our central investment and support functions.”

“The Company continues to seek high quality businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.”

spot_imgspot_img

Latest

Burnley: Kompany staying clear of rivals’ PSR problems

Vincent Kompany is fully focused on Burnley’s bid to...

The Best New Betting Sites for April 2024

There are plenty of new betting sites emerging in...

Best UK Football Betting Sites For 2024

Football is the UK's biggest and most popular sport....

Free Bets: The Best Sign-Up Offers April 2024

When players sign up for a site for the...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Burnley: Kompany staying clear of rivals’ PSR problems

Vincent Kompany is fully focused on Burnley’s bid to...

Best Betting Apps for iOS & Android on Mobile in the UK April 2024

This article is for those who wish to have...

Best England vs Belgium Betting Offers & Odds

England will face off against Belgium at Wembley Stadium...

Best UK Football Betting Sites For 2024

Football is the UK's biggest and most popular sport....

More News

Preston’s only windmill could be converted into an Airbnb

The last windmill in Preston may be turned into an Airbnb or a house share if planning permission is granted. Plunginton's grade-II listed building has...

Burnley’s Saira Hussain recognised as inspirational woman in STEM at the House of Lords.

The UK government commissioned Alison Rose Review of Female Entrepreneurship highlighted that women entrepreneurs are underrepresented in the most productive sectors of the UK economy, and...

Data shows more than a third of children are living in poverty in the Northwest

Greater Manchester Poverty Action and End Child Poverty Coalition have launched their annual statistics for the UK surrounding child poverty – with children living...