AFH Financial Group Plc
LSE : AFHP

June 26, 2012 02:00 ET

Acquisition of Specialist Solutions plc

                                                                                               26 June 2012
                                                                                               GB00B4W5WQ08
                                                                                                           
                                                                                                           
                                          AFH Financial Group PLC
                                         ("AFH" or the "Company")
                                                     
                                  Acquisition of Specialist Solutions plc
                                         ("Specialist Solutions")
                                                     
AFH,  a  leading  discretionary  wealth management and independent financial  advisory  (IFA)  firm,  today
announces  the  acquisition of Specialist Solutions, a Cheltenham-based IFA with  approximately  GBP80m  of
funds under advice. Today's announcement marks AFH's eighth acquisition since the Company's IPO last year.

Specialist  Solutions  reported  turnover of GBP1.16m, with gross profit of  GBP498,000,  in  the  year  to
September 2011.

Under  the  terms of the agreement, AFH will pay an initial consideration of GBP100,000 from  its  existing
resources, with up to GBP625,000 in deferred consideration payable over the following 24 months. As part of
the  agreement, AFH is purchasing the assets and goodwill of Specialist Solutions but is not  assuming  any
advice liability incurred prior to the acquisition.

This  acquisition will bring the Company's total number of advisers to 88 advisers, up from 53 at the  time
of the Company's IPO. The  new advisers will operate out of AFH's Bromsgrove headquarters.


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

Enquiries:

AFH Financial Group PLC                                                     01527 577 775
Alan Hudson, Chairman and Chief Executive
www.afhifs.co.uk

St Helens Capital Partners LLP                                              020 7368 6959
Mark Anwyl or Duncan Vasey

Yellow Jersey PR Limited                                                    07768 537 739
Dominic Barretto

Contact Information

  • AFH Financial Group Plc