LONDON (Alliance News) - Insolvency specialist Begbies Traynor Group PLC on Tuesday said it has struck a deal to acquire property services firm TBS&V Ltd, its first acquisition since it entered the sector.
The company will buy the TBS&V, which trades as Taylors Business Surveyors & Valuers, for up to GBP1.9 million and will integrate the business into it Eddisons property services consultancy.
TBS&V provides commercial business and property valuations across the UK.
The initial consideration on the deal, of GBP1.1 million, will be covered by GBP500,000 in cash and 1.4 million Begbies shares, which would value them at 42.86 pence per share. Begbies shares were trading flat at 43.00p on Tuesday.
The remaining consideration will be paid dependent on Taylors meeting financial performance targets over five years and also will be paid in Begbies shares.
"I am pleased to announce the first acquisition for Eddisons which, in line with our strategy to develop our property consultancy offering through organic investment and selective acquisitions, will enhance our existing capabilities and relationships," said Ric Traynor, Executive Chairman of Begbies Traynor.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Begbies (BEG)