1st Apr 2015 08:31
LONDON (Alliance News) - Begbies Traynor Group PLC Wednesday said it has acquired the trade and assets of Yorkshire-based insolvency practice Broadbents Business Recovery Services Ltd for up to GBP0.55 million in cash, bolstering its insolvency operations in the North of England.
The business recovery and property services consultancy said Broadbents, which has offices in York and Hartlepool, made revenue of GBP0.6 million and a pretax profit of GBP0.1 million in the year to March 31, 2014.
Begbies is paying GBP0.2 million initially and then GBP0.35 million if Broadbents hits revenue targets over the two years following the completion of the deal.
Broadbents founder David Broadbent and his six staff will join the Begbies Traynor insolvency practice.
"It brings additional expertise and relationships to the group's existing operations in the important Yorkshire and Northern region," Begbies Traynor Chairman Rix Traynor said. "We remain well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions."
Begbies Traynor shares were up 1.6% at 44.95 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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