16th Jun 2014 08:54
LONDON (Alliance News) - Begbies Traynor Group PLC Monday said it has completed the acquisition of the trade and assets of London-based corporate insolvency specialist Ian Franses Associates Ltd.
The business recovery practice group acquired Ian Franses for an initial GBP0.6 million in cash, while it said a deferred consideration of up to GBP1.4 million will be depend on the business's financial performance over a three-year period.
Begbies Traynor said the acquisition is expected to be earnings enhancing, both initially and after any additional consideration is paid.
The company said the Ian Franses acquisition brings both additional capacity and relationships to the group as well as the ability to provide complementary services from two London locations, which it said provides a strong platform for growth.
Ian Franses, which is located in Paddington, London, will focus on executing higher volume liquidations and personal insolvency in the London market, the company said, while its existing team in London will continue to build on executing higher-value restructuring mandates, as well as larger insolvency cases.
In the year ended May 31, Ian Franses recorded revenue of GBP1.5 million, with adjusted pretax profit of GBP0.3 million.
Begbies Traynor said it will announce its full year results on July 9.
Shares in the company were down 1.4% at 48.33 pence Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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