2nd Oct 2013 09:19
LONDON (Alliance News) - Begbies Traynor Group PLC Wednesday said it has completed the acquisition of the trade and assets of Cooper Williamson Ltd, a Manchester-based corporate insolvency specialist, for an initial GBP900,000 in cash and shares and potential deferred payments of up to GBP1.6 million.
The business recovery company said it will pay GBP450,000 in cash and the rest by issuing 1.14 million new shares.
The deferred considerations comprise a GBP1.1 million payment dependent on financial performance over the next three years and a further discretionary payment of GBP500,000 subject to the company meeting robust turnover targets in the following two years.
"The acquisition is expected to be earnings enhancing, both initially and after any additional consideration is paid," Begbies Traynor said in a statement.
"It will reinforce our presence in the North West and give us the opportunity to expand Cooper Williamson's already successful model and business rescue internet portal on a national scale," Chairman Ric Traynor said.
Begbies Traynor shares were down 0.4% at 35.875 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Begbies