AFH Financial Group Plc

November 26, 2013 02:00 ET


                                                                                           26 November 2013
                                          AFH FINANCIAL GROUP PLC
                                         ("AFH" or the "Company")

                               ACQUISITION OF ROBERT MAGEE & ASSOCIATES LTD

AFH Financial Group PLC is pleased to announce that it has acquired the business and assets of Robert Magee
& Associates Ltd ("Robert Magee").

Robert Magee is an IFA based in Leominster, Herefordshire, which manages approximately GBP 27.0 million  of
funds  for  around 550 clients; in its most recently completed financial year, Robert Magee  had  recurring
revenues  of  approximately  GBP  136,000. AFH will not be taking  on  additional  staff  pursuant  to  the
acquisition and Robert Magee, the vendor of the business, is leaving the industry.

The  maximum  consideration for the acquisition is GBP 486,000. This will be satisfied by an  initial  cash
payment of GBP 204,000 from the Company's existing resources, followed by further cash consideration of  up
to GBP 282,000 depending on the performance of Robert Magee in the 26 months following completion.

The acquisition of Robert Magee marks the Company's eighteenth since it listed on ISDX in June 2011 and its
fifth since the Retail Distribution Review (RDR) was implemented on 1 January 2013.

Commenting on the acquisition, Alan Hudson, Chairman and Chief Executive of AFH, said:

"I  am  pleased to report this further enhancement of our client base and the funds that we manage.  Robert
Magee's  clients will now be advised by AFH's advisers and will have immediate access to the  comprehensive
financial planning services that AFH provides."
       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