(Alliance News) - Begbies Traynor Group PLC on Tuesday said that it has completed its acquisition of SDL Auctions Ltd, which will integrate with Eddisons, its property advisory and transactional services division.
Begbies Traynor is a Manchester, England-based business recovery, financial advisory and property services consultancy. SDL Property Auctions, meanwhile, is a Nottingham-headquartered firm of property auctioneers.
The initial cash consideration for the buy is GBP2.5 million. There is also an earn-out option of up to GBP750,000, payable in cash and subject to maintaining revenue in the year following completion.
In the year ended March 31, SDL reported revenue from continuing operations of GBP4.5 million, and pretax profit of GBP500,000. Trading is expected to remain at this level in the current financial year.
"The acquisition of SDL Property Auctions is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage. Our combined team will be one of the largest property auctioneers by volume nationally," said Begbies Executive Chair Ric Traynor.
Begbies Traynor shares fell 0.9% to 112.50 pence each in London on Tuesday.
By Holly Beveridge, Alliance News reporter
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Begbies (BEG)