On February 21, 2017, AFH Financial Group PLC announced the acquisition of Bay Financial Management Limited.
The acquisition was completed on February 20, 2017. Seamus Coleman, Simon Durant and Nigel Hull have joined AFH Financial Group PLC (“AFH”) as a result of the transaction. Under the terms of the deal, the consideration payable is based upon the performance of Bay Financial Management Limited (“Bay”) over the next 24 months in two tranches. The maximum consideration payable by AFH is £1.4 million, to be paid in cash, of which £595,000 has already been paid as initial consideration. Bay will add approximately £73 million to AFH’s funds under management.