StockMarketWire.com - Wealth management company AFH said Friday it had completed the acquisition of Premier Wealth Management Harrogate for a total up to £4.5m.

Following the transaction, Premier Wealth Management's Richard Evans together with Andrew Huby and their support staff would join AFH, bringing over £90m of funds under management bolstering the operations of AFH in the North East, AFH said.

For the twelve month period ended 31 December 2017, Premier Wealth Management reported revenues of £0.7m and profit before tax of £0.35m.

Under the terms of the deal, AFH paid an initial £2.0m in cash and agreed to pay further £2.5m should Premier Wealth Management achieve certain performance criteria.

'The acquisition of Premier is the first transaction of our new financial year and, following the acquisition of Thomas Heald in August, continues the expansion of AFH in the North East,' said lan Hudson, Chief Executive of AFH.

'Premier has demonstrated high levels of profitable growth and I am pleased to welcome Richard and his team to AFH. I look forward to working with them for the benefit of our new clients and to increase shareholder value.'



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