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AFH Financial buys independent financial advisory firm Parker Sage

AFH Financial Group Plc completed the acquisition of the entire issued share capital of Parker Sage Independent Financial Advisers Ltd.

AFH Financial noted that the purchase price of £4.5 million could rise to £5.6 million, subject to a targeted increase in Parker Sage's profitability over the next 24 months.

AFH Financial will pay an initial cash consideration of £1.9 million from its existing cash resources and issue £375,000 of ordinary shares, with the price based on the average midmarket share price of AFH Financial shares over the last five trading days. The new shares are expected to be admitted to trading June 7.

Further deferred consideration of up to £3.4 million in cash will be payable over the next 24 months in two tranches, subject to Parker Sage's performance over the period, the company said.

The transaction also sees Jon Cliston, Andrew Smith and Tony Goody join AFH Financial.

Parker Sage generated revenue of £2.2 million for the 12-month period ended Aug. 31, 2016, and posted pretax profit for the period of £1.2 million.