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Begbies Traynor acquires Springboard Corporate Finance for initial sum of £2.75m

By BFN News | 09:58 AM | Tuesday 06 March, 2018

Begbies Traynor Group Tuesday said it acquired Springboard Corporate Finance for an initial net consideration of £2.75m. Springboard is a mid-market corporate finance practice, operating from offices in Birmingham, London and Nottingham. The acquisition is for an initial net consideration of £2.75m, funded by £1.375m in cash from the group's existing resources and through the issue of 1,884,568 new ordinary shares of 5p each in the group. Under the terms of the acquisition, additional contingent consideration of up to £0.5m will become payable subject to the achievement of financial targets in the five-year period directly following completion. The gross potential acquisition is £4.5m, comprising the £2.75m initial net consideration, £0.5m contingent consideration and a further £1.25 million cash payment at acquisition in relation to Springboard's cash at completion, subject to completion account adjustments. Ric Traynor, Executive Chairman of Begbies Traynor Group plc, said: 'I am delighted to welcome the Springboard team to the Group; they are a highly-regarded, mid-market corporate finance practice which is complementary to our existing advisory services. We look forward to supporting their expansion plans and their contribution to further growing the Group's revenue and profits.' At 9:58am: (LON:BEG) Begbies Traynor Group PLC share price was +1.1p at 74p Story provided by

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