TIDMBEG
RNS Number : 7651S
Begbies Traynor Group PLC
08 November 2023
8 November 2023
Begbies Traynor Group plc
Acquisition
Further expansion of Eddisons' regional footprint and
offering
Begbies Traynor Group plc (the "group"), the business recovery,
financial advisory and property services consultancy, today
announces that it has completed the acquisition of Andrew Forbes
Limited (Andrew Forbes).
Andrew Forbes is a firm of chartered surveyors employing 18
staff in Bristol and operating across the South West, founded in
1995. The business will integrate with Eddisons, the group's
property division.
The Andrew Forbes team provides commercial valuation and
building consultancy services, which aligns with the group's
current service offering and strengthens our existing regional
presence across the South West.
In its financial year ended 31 March 2023, Alexander Forbes
generated revenue of GBP1.7m (unaudited) and normalised pre-tax
profits of GBP0.25m (when reported on the same basis as the group).
Trading currently is projected to maintain this level in the
current financial year. It had net assets of GBP0.2m (including
GBP0.3m net cash) at 31 March 2023.
Reasons for and benefits of the acquisition
The group's overall strategy is to increase the scale and
quality of its businesses both organically and through
value-accretive acquisitions, thereby delivering strong,
sustainable financial performance.
Our strategy in property services is to enhance and broaden our
service offerings and geographical coverage. Since the creation of
the division through the acquisition of Eddisons in December 2014,
the group has built a strong track record of acquisitions that have
met these criteria. This strategy has increased the scale of the
division from annual revenue of cGBP13m at inception to a current
run rate of cGBP40m, demonstrating resiliency of earnings in a
challenging economic environment, strong growth and profitability
whilst enhancing the group's earnings.
The acquisition is in line with our strategy, with the Andrew
Forbes team complementing our existing national valuations team,
which will comprise over 100 people following this transaction.
Principal terms of the acquisition
The acquisition consideration is structured as follows, based on
current levels of financial performance and on a cash free, debt
free basis:
-- Initial cash consideration of GBP0.5m;
-- Earn out of up to GBP0.5m, payable in cash, subject to
maintaining profits in the three year period post completion.
This gives a maximum consideration of GBP1.0m (on a cash free
debt free basis).
The cash consideration will be met from the group's existing
financial resources, with significant headroom available for
further acquisitions and investment.
Anthony Spencer, Director at Eddisons, commented:
"I am very pleased to welcome the Andrew Forbes team to
Eddisons. They have an excellent regional reputation which
complements Eddisons existing strength in valuations and the South
West. We continue to seek further opportunities for expansion
across the UK."
Ric Traynor, Executive Chairman of Begbies Traynor Group plc,
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."
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 8350
(Nominated Adviser and Joint Broker)
Emma Gabriel / Harry Pardoe
Shore Capital (Joint Broker) 020 7408 4090
Malachy McEntyre / Mark Percy / Anita Ghanekar / James
Thomas
MHP 020 3128 8567
Reg Hoare / Katie Hunt begbies@mhpgroup.com
Information on Begbies Traynor Group can be accessed via the
group's website at
www.ir.begbies-traynorgroup.com
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END
ACQGLBDBDXGDGXI
(END) Dow Jones Newswires
November 08, 2023 02:00 ET (07:00 GMT)
Begbies Traynor (AQSE:BEG.GB)
過去 株価チャート
から 11 2024 まで 12 2024
Begbies Traynor (AQSE:BEG.GB)
過去 株価チャート
から 12 2023 まで 12 2024
