Thu, 03 Oct 2013 | MERGER
Begbies Traynor has finalised its purchase of rival Cooper Williamson Ltd in a deal worth £2.5 million.
Manchester-based Cooper Williamson’s management, client caseload and staff will be transferred over to Begbies Traynor’s Manchester office after the acquisition.
Begbies has put down £450,000 in cash for the business and has issued another £450,000 in shares to Cooper Williamson’s owners. There is also a deferred consideration of up to £1.1 million depending on the financial performance during the next three years. Another £500,000 could be handed over if its “robust targets” are achieved in years four and five.
Cooper Williamson, which is similarly to Begbies Traynor a corporate insolvency practitioner, reached sales of £1.7 million with a pre-tax profit of £400,000 for the year to 31 May.
Cooper Williamson’s business rescue website has been successful in attracting new cases. Located only in the North West, it will benefit from Begbies Traynor’s broader geographical reach.
It is expected that sales will see an uptick straight away and in the long run after the remaining costs to buy the business are paid.
Begbies chairman Ric Traynor said: “The acquisition of Cooper Williamson is an exciting development for us, and is in line with our strategy to enhance our position as the UK’s leading independent insolvency practice.
“It will reinforce our presence in the North West and give us the opportunity to expand Cooper Williamson’s already successful model and business rescue internet portal on a national scale.”
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