Manchester accountancy firm splashes out £2.8m on property business
Manchester based Begbies Traynor Group has acquired a chartered surveyors based in the South East for £1.4m.
The accountancy firm has acquired Barker Storey Matthews (BSM).
BSM is one of the largest independent firms of chartered surveyors in eastern England with offices in Cambridge, Huntingdon, Peterborough and Bury St Edmunds.
BSM was recently ranked the overall winner for Eastern England in the EG Deals Competition 2018 (‘EG’) for commercial property agents.
The firm has 38 employees and is led by an experienced management team, who will join the group. BSM will be integrated with the group’s existing Eddisons property services division.
The core services offered are commercial property agency, property management, building consultancy, professional services (including valuations) and planning services.
The acquisition is in line with the firm’s strategy to develop the property services business through selective acquisitions to enhance our expertise and geographical coverage.
In the financial year ended 31 March 2018, BSM reported annual revenue of £3.1m and pre-tax profits of £600,000.
Under the terms of the acquisition an additional contingent consideration of up to £1.4m will become payable subject to the achievement of stretching financial targets for the business in the three year period directly following completion.
Anthony Spencer, director at Eddisons, said: “I am very pleased to welcome the BSM team into Eddisons; it widens our geographical coverage to twenty offices around the UK and increases the number of clients.
“This is our fifth Eddisons acquisition since we joined the group and we continue to seek opportunities for further growth, both organically and by strategic acquisition.”
Ric Traynor, executive chairman of Begbies Traynor, said: “The acquisition of BSM is in line with our strategy to develop our property services division, by enhancing our expertise and geographical coverage.
“BSM is highly complementary in terms of its skills, and extends our reach into a new and important region. The firm has excellent relationships with a broad range of clients and a strong track record of growth and profitability.”
