Insolvency practice acquired by Begbies Traynor

INSOLVENCY firm Broadbents has been acquired by business recovery company Begbies Traynor.

Manchester-based Begbies has acquired the assets of Broadbents Business Recovery Services Ltd, which was established in 2010 and has offices in York and Hartlepool.

In the financial year ended 31 March 2014, the firm reported revenues of £600,000 and pre-tax profits of £100,000.

The acquisition is for an initial £200,000, payable in cash. A further consideration of up to £350,000 in cash is payable based on achieving revenue targets over the next two years.

Broadbents founder, David Broadbent, and his six staff will join the Begbies Traynor insolvency practice.

Ric Traynor, executive chairman of Begbies Traynor Group plc, said:”The acquisition of Broadbents further enhances our position as the UK’s leading independent insolvency practice. It brings additional expertise and relationships to the Group’s existing operations in the important Yorkshire and Northern region.

“We are pleased to welcome David and his team to the Group.

“We remain well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions”