Restructuring specialist announces South West acquisition

Manchester based restructuring specialist Begbies Traynor has acquired an Exeter business.

The firm has announced the acquisition of the entire issued share capital of Regeneratus Consulting 1 Limited, an Exeter based advisory practice with expertise in restructuring, turnaround and legal issues.

Founded by Rob Insall in 2016, it reported annual revenue of £600,000 and pre-tax profits of £200,000 in the financial year ended 31 March 2019. It had gross assets of £600,000 as at 31 March 2019.

The Regeneratus team, including Rob Insall, will join the existing South West practice, enhancing the services and advice provide to clients across the region.

The acquisition is for an initial consideration of £500,000, to be satisfied in cash from the group’s existing resources.

Contingent consideration of up to £1.1m will become payable subject to the achievement of stretching financial growth targets for the business in the four year period directly following completion.

Any additional consideration is calculated according to an agreed formula and is payable in cash.

The acquisition is on a cash free, debt free basis.

Ric Traynor, executive chairman and founder of Begbies Traynor, said: “This acquisition delivers on our strategy of developing the scale and quality of our businesses and continuing to develop our service offering.

“Rob has successfully grown his practice over the last three years and we look forward to continuing this development as a part of the broader group.”