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LONDON (Alliance News) - Begbies Traynor Group PLC said Friday it has acquired property consultant MMXI Ltd for a maximum of GBP4 million.
MMXI - which trades as Croft Transport Planning & Design - reported annual revenue of GBP1.8 million in the year to the end of September 2018 with pretax profit of GBP700,000.
Begbies Traynor will pay an initial consideration of GBP1.5 million, with GBP1.1 million paid through existing resources and the issue of 640,150 new shares.
Shares in Begbies Traynor were up 2.4% Friday at 62.85 pence each.
An additional GBP2.5 million will be paid subject to Croft Transport achieving certain financial targets over a five-year period. Any additional payments will be made in cash.
Begbies Traynor said it expects the acquisitions to be earnings enhancing.
Executive Chair Ric Traynor said: "The acquisition of Croft is in line with our strategy to develop our property services division, by increasing both the scope of its service offering and geographical coverage. Croft has excellent relationships with a broad range of clients, which have been developed by providing a consistently high quality, specialist and professional service over many years."
Croft Transport will be integrated into Begbies Tarynor's property services division
