AFH has acquired the assets of CRS Financial Planning (“CRS”) for a maximum consideration of £663,670.
CRS is an East Anglian based IFA and following the acquisition Chris Stapleton, the vendor, will retire from the business. Clients will be serviced by existing AFH advisers. The deal will add around £25m to AFH’s funds under management.
The acquisition price of £663,670 represents around 2.6% of FUM. The deal is structured, with an initial cash consideration of £378,920 payable upon completion, satisfied from the AFH’s existing cash resources. A further deferred consideration of up to £284,750 is be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets acquired from CRS.
Chief Executive of AFH Alan Hudson said: “The acquisition of the assets of CRS follows the strategy, established by the Company when we listed on AIM in June 2014, 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 that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.”
