David Rushton Associates acquired by AFH

AFH has acquired the assets of Lancashire based IFA David Rushton Associates.

AFH will pay a maximum of £298,125 representing approximately 1.8% of the Funds under Management. The deal is based on an initial cash consideration of £157,500 and a deferred cash payment of up to £140,625 over the next 26 months in two tranches. This is dependent upon performance criteria of the assets acquired from David Rushton.

Vendor David Rushton will join AFH, one of the UK’s leading financial planning led wealth management firms.

AFH will pay the initial consideration from its existing cash resources. This latest acquisition, its first corporate transaction of the current financial year, adds around £16.5m FUM to AFH.

AFH said that the deal is consistent with its stated intent of making carefully selected value enhancing acquisitions and follows comments in its pre close trading update on 14 November, 2016.

Chief Executive of AFH Alan Hudson 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 Rushden 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.”

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