AFH Financial Group has completed the acquisition of Hayburn Rock Group and its subsidiary companies, adding more than £100m of funds under management in a deal worth up to £3.5m, depending on performance.
The company, which is based in Stourbridge, West Midlands and has some 1,500 clients, was founded by current managing director Stephen Perks and his wife Suzanne in 1996. AFH confirmed the initial consideration for the acquisition would be £0.9m in cash, funded from its existing cash resources. "Further deferred consideration will be payable in cash over the next 29 months, subject to enhanced performance criteria based on post-completion post-synergy profitability," it added. For the 12-month period ended 31 December 2017, Hayburn Rock reported revenues of £2.1m and profit before tax of...
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