AFH Financial Group Plc

October 01, 2013 02:00 ET


                                                                                             1 October 2013
                                          AFH Financial Group PLC
                                         ("AFH" or the "Company")
                                    ACQUISITION OF CH FINANCIAL LIMITED
                          Second successful acquisition since RDR implementation
AFH,  a leading independent financial advisory ("IFA") and discretionary wealth management firm, is pleased
to  announce  the  acquisition of the business and assets of CH Financial Limited  ("CH  Financial").  This
acquisition  marks the Company's 15th acquisition since listing on ISDX in June 2011 and the  second  since
The Retail Distribution Review (RDR) was implemented on 1 January 2013.

CH  Financial  is an FCA authorised IFA based in Hemel Hempstead with over GBP 70 million  of  funds  under
management  for clients in London and the Home Counties. In the year ended 31 March 2013, CH Financial  had
revenues  of GBP 559,000 of which GBP 333,000 comprised recurring income. David Chenkin, the vendor  of  CH
Financial, will join AFH.

The  consideration for the acquisition comprises an initial cash payment of GBP 360,000 from the  Company's
existing  resources;  further consideration, up to a maximum of GBP 640,000, may be  payable  over  the  26
months following the acquisition, depending on the performance of CH Financial in that period.

Today's  news follows the recent raising by the Company of GBP 2.8 million in an Equity and Bond  Issue  to
provide additional working capital for the Company and to finance potential future acquisitions.

Commenting on today's acquisition, Alan Hudson, Chairman and Chief Executive of AFH, said: "With RDR  fully
implemented,  we  are delighted to announce today's acquisition as we further advance our position  in  the
South East of England.

"The  last six months has seen a period of high activity at the Company. AFH is a dividend paying  business
with  a  strong  balance  sheet,  offering potential partners and  investors  access  to  a  fast  growing,
acquisitive public company.

"We  continue to make well-timed, select investments, and are pleased to welcome David Chenkin to  AFH;  he
will add significant value with his extensive experience in the industry."

       The directors of AFH Financial Group PLC are responsible for the content of this announcement


AFH Financial Group PLC                                                                01527 577 775
Alan Hudson, Chairman and Chief Executive

Peterhouse Corporate Finance Limited                                                   020 7469 0930
Mark Anwyl or Duncan Vasey

Yellow Jersey PR Limited                                                               07768 537 739
Dominic Barretto or Kelsey Traynor

Contact Information

  • AFH Financial Group Plc