(Alliance News) - Business recovery consultancy Begbies Traynor Group PLC said Monday it has acquired a portfolio of 502 Scottish personal insolvency cases, including a team of five fee earners, from professional services firm Grant Thornton UK LLP for up to GBP500,000.
The company will pay an initial GBP250,000, and an additional GBP250,000, which is subject to fee income generated from the case load post completion. All this will come from Begbies's existing financial resources.
The acquisition is expected to increase Begbies's existing operations in Scotland, with the cases to be added to the group's existing Scottish personal insolvency portfolio of 1,500 cases.
"The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland and I am very pleased to welcome them to the group. As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and through acquisitions," Executive Chair Ric Traynor.
Shares in Begbies Traynor were up 2.2% at 98.97 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Begbies (BEG)