Restructuring group expands in Scotland by acquiring personal insolvency cases
Manchester-based insolveny experts Begbies Traynor Group has acquired a portfolio of 503 Scottish personal insolvency cases, including a team of five fee earners, from Grant Thornton UK, in a deal potentially worth £500,000.
The caseload comprises sequestrations, trust deeds and debt arrangement schemes.
The acquisition will increase the group’s existing operations in Scotland, which provide corporate and personal insolvency, together with restructuring advisory services, through an existing team of 36 partners and staff.
The new team will operate from Begbies’ Glasgow and Edinburgh offices following the acquisition.
The acquired cases will be added to the group’s existing Scottish personal insolvency portfolio of around 1,500 cases.
The acquisition is for an initial consideration of £250,000 and additional contingent consideration of up to £250,000, subject to fee income generated from the case load post completion.
The consideration will be payable from the group’s existing financial resources.
The team has typically generated annual fee income of approximatelym £0.6m per annum.
Ric Traynor, Executive Chairman of Begbies Traynor Group, said: “The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland and I am very pleased to welcome them to the group.
“As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and through acquisitions.”