Acquisition

RNS Number : 0898J

Begbies Traynor Group PLC

01 April 2015

 



1 April 2015

Begbies Traynor Group plc

Acquisition

Begbies Traynor Group plc (the "Group"), the business recovery and property services consultancy, is pleased to announce the acquisition of the trade and assets of Broadbents Business Recovery Services Limited ("Broadbents"), a Yorkshire based insolvency practice.

Broadbents was established in 2010 and has offices in York and Hartlepool.  In the financial year ended 31 March 2014, the firm reported revenues of £0.6 million and pre-tax profits of £0.1 million.

The acquisition is for an initial consideration of £0.2 million, payable in cash on completion from the Group's existing resources.  Under the terms of the acquisition, contingent consideration of up to £0.35 million in cash is payable based on achieving revenue targets over the two years post completion.

Broadbents founder, David Broadbent, and his six staff will join the Begbies Traynor insolvency practice. 

Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:

"The acquisition of Broadbents further enhances our position as the UK's leading independent insolvency practice. It brings additional expertise and relationships to the Group's existing operations in the important Yorkshire and Northern region. We are pleased to welcome David and his team to the Group. 

"We remain well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions"

- ENDS -

Enquiries please contact:

Begbies Traynor Group PLC                                                                                                         0161 837 1700

Ric Traynor - Executive Chairman

Nick Taylor - Group Finance Director

Canaccord Genuity Limited                                                                                                         020 7523 8350

(Nominated Adviser and Joint Broker)

Bruce Garrow / Cara Griffiths / Philippa Underwood

Shore Capital                                                                                                                                     020 7408 4090

(Joint Broker)

Pascal Keane

MHP Communications                                                                                                                  020 3128 8100

Reg Hoare / Katie Hunt / Giles Robinson                                                                               [e-mail]

Notes:

Begbies Traynor Group plc operates from 43 UK locations through two operating divisions. 

Begbies Traynor is the UK's leading independent business recovery practice handling the largest number of corporate appointments, principally serving the mid-market and smaller companies. We provide a range of specialist professional services primarily to businesses, their professional advisors and the major banks covering insolvency, restructuring and risk management activities.

Eddisons is a leading UK firm of chartered surveyors, offering a wide range of specialist services to banks, insolvency practitioners, and owners and occupiers of commercial property. The core services offered are valuation and disposal of property including fixed charge property receiverships; valuation and disposal of machinery and business assets; auctions; insolvency insurance brokerage; property and facilities management; and building consultancy and ratings valuations.

Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com

Follow Begbies Traynor on Twitter @Begbies 

 

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