Commercial property agency sold in £3m deal
Manchester-based insolvency experts, Begbies Traynor, has swooped for a Lincoln commercial property agency in a deal worth £3m.
Banks Long & Co employs 38 people and operates throughout Lincolnshire and Humberside. The business will integrate with Eddisons, the Begbies property division.
In its financial year ended 31 August 2022, Banks Long & Co turned over £2.6m (unaudited) and posted profits of £400,000.
Anthony Spencer, director at Eddisons, said: “I am very pleased to welcome the Banks Long & Co team to Eddisons, which extends our footprint into Lincolnshire and enhances our existing presence in Eastern England and South Yorkshire.
“The Banks Long & Co team are highly experienced with a proven track record in delivering high quality professional advice to public and private sector clients. We continue to seek further opportunities for expansion across the UK.”
Ric Traynor, executive chairman of Begbies Traynor Group, added: “The acquisition of Banks Long & Co is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage.
“Banks Long & Co has excellent relationships within its local market place offering its clients a broad range of real estate services which they have developed over many years and we are very much looking forward to working with them.”