Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter