AFH, a UK-based financial planning led wealth management firm, has acquired a Suffolk-based financial planning firm Eunisure in a deal valued up to £4.5m.
Eunisure is focused on the protection market. The firm posted revenues of £5.6m and pre-tax profit of £241,927 for the year ended December 2016.
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AFH will pay £1.5m in cash initially from its existing cash resources. It will pay the remaining £3m over the next four years depending on whether Eunisure meets certain performance criteria.
AFH CEO Alan Hudson said: “Eunisure is one of the leading face to face advisory businesses in this sector with national coverage throughout the UK.
“I believe that the acquisition of Eunisure will significantly increase the distribution capacity of AFH whilst at the same time enabling Eunisure to develop rapidly in its core market.”
Eunisure managing director Ralph Mortlock will continue to serve on the company’s board.
“The deal has been structured to create shareholder value through additional financial planning opportunities and growth within the existing business and I look forward to working closely with Ralph to drive both Eunisure and the distribution of AFH’s wealth management services in the future,” Hudson added.
