AFH Financial acquires Kent-based wealth management firm

AFH Financial has acquired Core Financial Services, a directly authorised firm based in Maidstone Kent.

The AIM-listed wealth management firm acquired Core and its subsidiaries for a maximum purchase price of £7.7m dependent upon meeting performance criteria fo the business over the next 26 months.

The initial consideration will £3.2m in cash, funded from AFH's existing cash resources.

In its last trading year, Core reported a combined revenue of £3.8m and a pre-tax profit of £180,000 from its more than £320m of funds under management in the South East of the UK.

AFH chief executive Alan Hudson, said: "The acquisition of Core is our sixteenth transaction of the year and significantly expands AFH's position in the South East."

"I am pleased to welcome Mark and his team to AFH and I look forward to working with them to further the development of the AFH brand and continue our growth for the benefit of our new clients and to increase shareholder value."

As of 1140 BST, AFH shares had ticked ahead 0.75% to 405p.