24th Sep 2019 11:58
(Alliance News) - Business recovery and advisory firm Begbies Traynor PLC said Tuesday it has acquired smaller peer Regeneratus Consulting 1 Ltd for up to GBP1.6 million in cash.
Begbies will pay an initial GBP500,000 in cash for Regeneratus, with a further GBP1.1 million payable on the achievement of unspecified growth targets over four years.
For the year ended March, Regeneratus generated GBP200,000 in pretax profit on revenue of GBP600,000. Begbies generated GBP3.5 million in pretax profit on revenue of GBP60.1 million in the year ended April.
"This acquisition delivers on our strategy of developing the scale and quality of our businesses and continuing to develop our service offering," Begbies Executive Chair Ric Traynor said.
Shares in Begbies were unchanged at 76.00 pence in London on Tuesday.
By Ahren Lester; [email protected]
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