Begbies buys in London

MANCHESTER-based insolvency specialist Begbies Traynor has acquired a London firm in a deal which could be worth £2m.

It has bought Ian Franses Associates, which also specialises in corporate insolvency.

In the year to May 31 the firm reported revenues of £1.5m and a pre-tax profit of £300,000.

Begbies has agreed to pay £600,000 in cash and a further £1.4m if certain performance targets are hit over the next three years.

Ian Franses will focus on executing higher volume liquidations and personal insolvency in the London market. The firm said this will enable the existing team in London to continue to execute higher value restructuring mandates as well as larger insolvency cases.

Chairman Ric Traynor said: “The acquisition of Ian Franses is in line with our strategy to enhance our position as the UK’s leading independent insolvency practice. It brings both additional capacity and relationships to the Group and the ability to provide complementary services from two London locations, providing a strong platform for growth in this important market.”

Begbies will release full-year figures on July 9.