Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Wealth boss sells down £760k stake in business

Wealth boss sells down £760k stake in business

AFH Financial chief executive Alan Hudson (pictured) has sold £760,128 of stock in the company in one of his first acts following the company’s admission to AIM last week.

Hudson sold 546,855 shares in the company at 139.99p each, a fractional discount to the issue price of 140p and the open-market price of 145p which they climbed to by the close of business yesterday.

The sale leaves him with 8.82 million shares in the business, or 48.31% of the market cap. The company had earlier raised £1.62 million to fund working capital and further acquisitions.

The Bromsgrove-based company, which is targeting a sizeable consolidation of the UK’s fractured and low-scale advice industry, has secured a sting of buys in recent years.

In results release at the end of last month the company announced a 250% increase in profits over the 12 months to the end of October, to a pre-tax total of £1 million.

A total of six acquisitions over the period boosted adviser numbers 30%to 122, while revenues rose 50% to £11 million   

'I am delighted with the strength of the group's performance during the year,’ Hudson said at the time. ‘As noted, AFH has invested in strengthening its management and to prepare itself for anticipated growth.

'The directors are confident that the group is well positioned to take advantage of market opportunities.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter