Wed, 08 Nov 2023 | BUSINESS SALE
Financial services firm Begbies Traynor has acquired Bristol-based chartered surveyor Andrew Forbes for up to £1 million. The full consideration represents a 4x multiple of Andrew Forbes’ normalised pre-tax profits of £250,000 for the year ending in March 2023, generated on revenue of £1.7 million.
Begbies will pay an initial £500,000 for the business, with a further £500,000 payment contingent on the company maintaining profits in the three years post-completion.
Andrew Forbes, which was founded in 1995, employs 18 staff and operates across the South West, providing commercial valuation and building consultancy services. The firm’s operations complement Begbies’ existing service offering, as well as strengthening its presence in the South West.
Following the acquisition, the firm will be integrated into Begbies’ property division, Eddisons. Begbies acquired Eddisons in 2014 and it has since registered strong organic and acquisitive growth, with the company increasing from annual revenue of £13 million to its current run rate of around £40 million.
Begbies Traynor Group Executive Chairman Ric Traynor commented: “The acquisition of Andrew Forbes 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.”
“The Andrew Forbes team is a long standing and successful business, and we are looking forward to working with them.”
Eddisons director Anthony Spencer said that Andrew Forbes have “an excellent regional reputation which complements Eddisons existing strength in valuations and the South West” and added that the company will “continue to seek further opportunities for expansion across the UK.”
With demand for insolvency services soaring, Begbies Traynor (one of the UK’s biggest insolvency practitioners) has recorded double digit annual revenue and profit growth. Against this backdrop, Begbies Traynor has said that it will seek further expansion through strategic acquisitions and recruitment.
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