Business recovery specialist looking to raise £8.3m through share placing
Business recovery specialist Begbies Traynor has announced it is looking to raise £8.3m through a share placing.
The Manchester based financial advisory firm is issuing up to 11,041,440 new ordinary shares to institutional investors.
The company said it intends to use the proceeds of the placing to fund acquisition opportunities.
Canaccord Genuity and Shore Capital Stockbrokers are acting as joint bookrunners in connection with the Placing.
Earlier this month the firm announced a strong financial performance for the year ended 30 April 2019, with revenue growth of 15%, 23% growth in adjusted earnings per share, and a second consecutive year of dividend growth.
All divisions of the group performed well, through a combination of organic investment and acquisitions.
Begbies completed four acquisitions in the year to 30 April 2019; two in property services and two in business recovery.
Ric Traynor, Executive Chairman of Begbies Traynor, said: “We recently reported another year of strong financial performance, in which we grew the business organically, and completed four acquisitions while reducing net debt.
“We are also encouraged that we have entered the new financial year with positive momentum and have a good pipeline of both organic and acquisition opportunities.
“The placing will allow us to meet investor demand for our shares, whilst accelerating a number of the opportunities that are available to the Group, for the benefit of all shareholders.”
