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AFH Financial Group acquires UK financial services firm

AFH Financial Group Plc said it completed Feb. 27 its acquisition of U.K.-based financial services firm Harrison White FS Ltd. for a maximum purchase price of £738,000.

The price is based on the ongoing gross profitability of the business and subject to the fulfilment of certain financial targets, AFH Financial noted.

The initial consideration for the transaction amounts to £362,280 in cash, funded from AFH Financial's existing cash resources, with a further deferred cash consideration to be payable over the next 26 months in two tranches, subject to the business reaching certain performance criteria.

Steve White will join AFH Financial as an adviser following the deal.