25th Jul 2022 13:48
Begbies Traynor Group PLC - Manchester-based business recovery, financial advisory and property services consultancy - Buys Axiom Consulting & Investments Ltd and Ellayaan Ltd, together traded as the London-based property finance brokerage Mantra Capital, for GBP4.5 million. The initial consideration consists of GBP4.0 million in cash and the issue of 352,361 shares. Begbies says the acquisition is expected to be "immediately earnings enhancing", with a potential earnout of up to a further GBP13.5 million over the four years post completion, subject to delivering profit growth.
Chair Ric Traynor says: "The acquisition of Mantra is in line with our growth strategy to complement and expand our services and regional coverage, whilst enabling us to form a national finance business serving a wide range of sectors."
For 2021, Mantra reported revenue of GBP4.2 million and pretax profit of GBP1.2 million. Net assets as at December 31 stood at GBP2.6 million, including cash of GBP1.3 million.
Current stock price: 141.20 pence, down 0.6%
12-month change: down 0.6%
By Xindi Wei; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Begbies