Business recovery and property services consultancy, Begbies Traynor Group, has announced the acquisition of the trade and assets of Broadbents Business Recovery Services, a Yorkshire based insolvency practice.
Broadbents was established in 2010 and has offices in York and Hartlepool. In the financial year ended 31 March 2014, the firm reported revenues of £0.6m and pre-tax profits of £0.1m.
The acquisition is for an initial consideration of £0.2m, payable in cash on completion from the Begbies existing resources. Under the terms of the acquisition, contingent consideration of up to £0.35m in cash is payable based on achieving revenue targets over the two years post completion.
Broadbents founder, David Broadbent, and his six staff will join the Begbies Traynor insolvency practice.
Ric Traynor, executive chairman of Begbies, said: “The acquisition of Broadbents further enhances our position as the UK’s leading independent insolvency practice.
“It brings additional expertise and relationships to the Group’s existing operations in the important Yorkshire and Northern region. We are pleased to welcome David and his team to the Group.
“We remain well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions”