Acquisition

RNS Number : 5958J

Begbies Traynor Group PLC

16 June 2014

 



16 June 2014

Begbies Traynor Group plc

Acquisition and notification of results

Begbies Traynor Group plc (the "Group"), the UK's leading independent business recoverypractice, is pleased to announce completion of the acquisition of the trade and assets of Ian Franses Associates Ltd ("Ian Franses"), the London-based corporate insolvency specialist.

In the year to 31 May 2013, the firm reported revenue of £1.5 million and a pre-tax profit (adjusted for partner remuneration) of £0.3 million. The acquisition is for an initial consideration of £0.6 million, to be satisfied in cash.  Under the terms of the acquisition, there is a deferred consideration of up to £1.4 million dependent on financial performance over the three years from completion, to be satisfied in cash. The acquisition is expected to be earnings enhancing, both initially and after any additional consideration is paid.

As part of the wider Begbies Traynor Group, Ian Franses, which is located in Paddington, will focus on executing higher volume Liquidations and personal insolvency in the London market.  This will enable the existing team in London to continue to build on its successes in executing higher value restructuring mandates as well as larger insolvency cases.

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

"The acquisition of Ian Franses is in line with our strategy to enhance our position as the UK's leading independent insolvency practice. It brings both additional capacity and relationships to the Group and the ability to provide complementary services from two London locations, providing a strong platform for growth in this important market."

Begbies Traynor Group will announce its full year results for the year ended 30 April 2014 on 9 July 2014.

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

Shore Capital                                                                                                                    020 7408 4090

(Joint Broker)

Pascal Keane

MHP Communications                                                                                                  020 3128 8100

Reg Hoare / Katie Hunt / Giles Robinson / Ben Griffiths

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

 

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