Begbies Traynor Group PLC - Manchester, England-based business recovery, financial advisory and property services consultancy - Completes acquisition of Andrew Forbes Ltd, a Bristol-based firm providing commercial valuation and building consultancy services to South West clients. Will pay maximum cash consideration of GBP1.0 million, comprising initial consideration of GBP500,000 plus earn-out of up to GBP500,000 if profits are maintained in the three years post-completion. Andrew Forbes will be integrated into Begbies's property division, Eddisons. Company says Andrew Forbes generated around GBP250,000 in pretax profit and GBP1.7 million in revenue during the year ended March 31, and expects to report stable trading for the current year.
Executive Chair Ric Traynor says: "I am very pleased to welcome the Andrew Forbes team to Eddisons. They have an excellent regional reputation which complements Eddisons' existing strength in valuations and the South West. We continue to seek further opportunities for expansion across the UK."
Current stock price: 123.80 pence, up 0.2% in London on Wednesday
12-month change: down 5.5%
By Emma Curzon, Alliance News reporter
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Begbies (BEG)