AFH Financial Group Plc Acquires Knight O’Byrne Ltd
The Board of AFH is pleased to announce the acquisition of the assets of chartered financial planners Knight O'Byrne Limited ("Knight O'Byrne"), headquartered in Cornwall.
Today's acquisition will add £51m of funds under management, taking the Company's total funds under management above the £900m mark. Diane Knight and Bridget O'Byrne will join AFH as advisers.
Under the terms of the acquisition, the maximum consideration payable by AFH is £1.2 million, satisfied by an initial cash payment upon completion of £525,000, followed by a further cash consideration of up to £675,000, payable over the next 26 months in three tranches and dependent upon performance criteria of Knight O'Byrne over the next two years.
The acquisition was completed on 3 November 2014. Knight O'Byrne is the Company's fourth acquisition since the Company listed on AIM in June 2014 and is the second chartered financial planning firm the Company has acquired since listing on AIM following the acquisition of the assets of Finlay Gow & Company Limited in July.
Today's news follows the acquisition of Hindsight Financial Services Limited in September, further underpinning AFH's strategy of select national expansion.
Commenting, Alan Hudson, Chief Executive of AFH, said: "AFH further cements its position as a leading UK IFA by selective acquisitions including Knight O'Byrne. Creating yet another national footprint we welcome Diane and Bridget to the team at a time that sees our Funds Under Management increase to a record high.
"Shareholders can expect continued strong news-flow over the forthcoming period, and the Company looks forward to providing the market with an update on trading in due course."