AFH Financial Group has acquired CRS Financial Planning, an East Anglian based IFA.
Following the acquisition Chris Stapleton, the vendor, will retire from the business and clients will be serviced by existing AFH advisers. Under the terms of the acquisition, the maximum consideration payable by AFH is £663,670, representing approximately 2.6% of the funds under management.
An initial cash consideration of £378,920 has been paid upon completion, satisfied from the company's existing cash resources. Further deferred consideration of up to £284,750 will be payable in cash over the next 26 months in two tranches, dependent upon performance criteria of the assets acquired from CRS.