Following AFH’s announcement to halt acquisitions (30 September 19), they are following through with their commitment to complete deals in thir existing pipeline, announcing the completion of the acquisition of the client portfolios of Groom Associates LLP based in Studley, Warwickshire.
As a result of the transaction Bill Groom and Annabelle Duncan will retire and their clients will be serviced by existing AFH advisers. Under the terms of the acquisition, the initial consideration for the acquisition is £321,000 in cash, funded from the Company’s existing cash resources. Further deferred consideration will be payable in cash over the next 26 months, subject to performance criteria of the assets acquired being achieved, with the maximum purchase price being £615,000.
Commenting, Alan Hudson, Chief Executive of AFH, said: “Our eighth acquisition of the financial year is the client portfolio of an established IFA business in Studley. I wish Bill and Annabelle well in their retirement. The business provides a complementary fit to AFH’s core business and I am confident that Groom’s existing clients will benefit from the advantages of the AFH proposition”.