Mon, 16 Jun 2014 | BUSINESS SALE
Insolvency specialist Begbies Traynor Group has completed the acquisition of a London-based rival for a sum of up to £2 million.
The company, which is headquartered in Manchester, has paid an initial cash fee of £600,000 for the trade and assets of Ian Franses Associates. There is also a deferred consideration of £1.4 million depending on if the corporate insolvency specialist meets financial targets over the next three years.
Ian Franses Associates reported revenues of £1.5 million and an adjusted pre-tax profit of £300,000 in the year to 31 May 2013. As part of the wider Begbies Traynor Group, the company stated that Ian Franses, which is located in Paddington, would focus on executing higher volume liquidations and personal insolvency in the London market.
Begbies Traynor also said that the acquisition is expected to improve its earnings both initially and after any additional consideration is paid.
Chairman Ric Traynor commented on the news: “The acquisition of Ian Franses is in line with our strategy to enhance our position as the UK’s leading independent insolvency practice.
“It brings both additional capacity and relationships to the group and the ability to provide complementary services from two London locations, providing a strong platform for growth in this important market.”
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