AFH buys Truro-based Duchy WM for up to £630,000

Following the acquisition, which will increase the consolidator's funds under management by approximately £60m, Simon Holdsworth will join AFH as an adviser. Duchy achieved reported profits before tax of £286,544 for the financial year ended 31 March 2017 and, under the terms of the deal, the maximum purchase price will be £630,000 "subject to the fulfilment of certain profitability targets". According to AFH, these break down as initial consideration of £310,000 in cash, funded from the company's existing cash resources while further deferred consideration of up to £320,000 in cash w...