Stock Market News
Harwood Wealth buys Southampton-based AE Financial in £6m deal
Financial planning and discretionary wealth management company Harwood Wealth Management Group announced the acquisition of AE Financial Services - an established chartered independent financial advisory firm based in Southampton - from AE Insurance Services on Monday.
The AIM-traded firm said the purchase price for the acquisition was £4.6m, plus £1.54m in respect of net cash balances, with the acquisition approved by the FCA.
It said the acquisition would provide Harwood with a strategic hub in Southampton, and enhance its already-established and growing presence along the south coast.
AE Financial would continue to operate as a standalone brand, with the board saying it would benefit from Harwood's processes, technology and investment strategies.
David Hayward, director of AE Financial, would remain with the company.
The acquisition was Harwood's most significant to date, which the board said demonstrated its growing scale and capabilities.
For the year ended 31 December, AE Financial reported revenues of £1.3m and profit before tax of £0.5m, both unaudited.
The business had assets under influence of £130m.
Harwood said the initial consideration of £2.4m plus cash balances had been paid on completion, satisfied through its existing cash resources.
Further deferred consideration of up to £2.2m would be payable in two tranches over next 24 months, subject to performance criteria of AE Financial being achieved.
"We are very pleased to be joining such a well-respected and successful group," said AE Financial director David Hayward.
"I am confident that Harwood will be a perfect fit for our team and allow us to develop the business and continue to provide high quality and dedicated advisory services to our clients.
"We very much look forward to joining the team."
Peter Mann, non-executive chairman of Harwood Wealth Management Group, said that AE Financial was a "strong addition" to the group, with the board "looking forward" to welcoming both ots team and clients to Harwood Wealth.
"As well as further augmenting our presence in a key area of the UK, this acquisition continues to build upon our successful model of acquiring IFA firms who share our values and culture.
"We look forward to continuing to deliver on our strategy, driving growth organically and through further M&A in the period ahead," Mann explained.
The AIM-traded firm said the purchase price for the acquisition was £4.6m, plus £1.54m in respect of net cash balances, with the acquisition approved by the FCA.
It said the acquisition would provide Harwood with a strategic hub in Southampton, and enhance its already-established and growing presence along the south coast.
AE Financial would continue to operate as a standalone brand, with the board saying it would benefit from Harwood's processes, technology and investment strategies.
David Hayward, director of AE Financial, would remain with the company.
The acquisition was Harwood's most significant to date, which the board said demonstrated its growing scale and capabilities.
For the year ended 31 December, AE Financial reported revenues of £1.3m and profit before tax of £0.5m, both unaudited.
The business had assets under influence of £130m.
Harwood said the initial consideration of £2.4m plus cash balances had been paid on completion, satisfied through its existing cash resources.
Further deferred consideration of up to £2.2m would be payable in two tranches over next 24 months, subject to performance criteria of AE Financial being achieved.
"We are very pleased to be joining such a well-respected and successful group," said AE Financial director David Hayward.
"I am confident that Harwood will be a perfect fit for our team and allow us to develop the business and continue to provide high quality and dedicated advisory services to our clients.
"We very much look forward to joining the team."
Peter Mann, non-executive chairman of Harwood Wealth Management Group, said that AE Financial was a "strong addition" to the group, with the board "looking forward" to welcoming both ots team and clients to Harwood Wealth.
"As well as further augmenting our presence in a key area of the UK, this acquisition continues to build upon our successful model of acquiring IFA firms who share our values and culture.
"We look forward to continuing to deliver on our strategy, driving growth organically and through further M&A in the period ahead," Mann explained.
Related share prices |
---|
Harwood Wealth Management Group (HW.) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price