Begbies buys Yorkshire-based chartered surveyor in £5m deal

Insolvency specialist, Begbies Traynor has acquired Yorkshire-based chartered surveyor, Eddisons.

The acquisition is for an initial cash consideration of £5m, with the fee potentially rising to £8.5m depending on financial performance.

There will be no job losses or restructing at Eddisons, as a result of the acquistion.

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Anthony Spencer, executive director of Eddisons, said: “We are retaining our brand identity and will operate as a discrete business within the combined Group, whilst taking advantage of the opportunities represented by being part of a significant, financially robust, national business.”

Headquartered in Leeds, Eddisons was founded in 1844 and has around 200 full-time employees.

It offers specialist services to banks, insolvency practitioners, and owners and occupiers of commercial property.

Core services offered include valuation and disposal of property, machinery and business assets; auctions and insolvency insurance brokerage.

In its half-year results Begbies saw a fall in revenue, as industry-wide corporate insolvency volumes fell by 16 per cent, in the six months to the end of September.

For the six months to October 31 its revenue fell from £21.4m in 2013 to £20.8m. There was also a fall in pre-tax profits which went from £2.2m to £1.5m.

Net debt fell from £17.8m to £16.2m.