AFH Financial Group PLC Acquisition of Chartwell Associates

Posted: 1st October 2012 08:46

AFH,  winner  of the PLUS-SX Newcomer of the Year 2012 award and a leading discretionary wealth management and  independent  financial  advisory ("IFA") firm, is pleased to announce  the  acquisition  of  Chartwell Associates (IFA) Limited ("Chartwell").

Chartwell,  which was founded in October 2001, has an active client bank of 1,200 clients and approximately GBP32  million  of  funds under influence. AFH is acquiring the assets of Chartwell, including  Chartwell's office  in  Egham, Surrey, from which Chartwell's six advisers will continue to operate. The  Egham  office will be AFH's first establishment outside Bromsgrove and provides the Company with a platform from which it can  continue  its  expansion  in  the South East of England. The maximum  consideration  payable  for  the acquisition  is GBP480,000 in cash, depending on Chartwell's profitability in the 28 months  following  the acquisition.

Today's  announcement marks AFH's tenth acquisition since its IPO last year and takes the  Company's  total number of advisers to 97, up from 53 at the time of the IPO.

Commenting today, Alan Hudson, Chairman and Chief Executive of AFH, stated:

"The  acquisition of Chartwell continues our strategy of growing AFH both organically and  by  acquisition.
This  transaction also marks a strategically important step for the Company as it broadens  our geographic presence,  placing us closer to the market in London and the South East. We intend to use this presence  to pursue further acquisition and recruitment opportunities in the region."

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