AFH has completed the acquisition of Core Financial Services, paying up to £7.7m in a deal that includes the Maidstone-based IFA, parent company Core Financial Holdings and the assets of Core Corporate Planning.
As a result of the transaction, which adds £230m to AFH's funds under management, Core CEO Mark Sutton together with nine advisers and their support staff, will join the group. AFH revealed the initial consideration for the purchase was £3.2m 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 "enhanced performance criteria" of the business being achieved. It added: "For the 12-month period ended 31 March 2018, the combined Core businesses reported revenues of £3.8m and profit before tax...
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