Begbies Traynor snaps up Yorkshire rival

MANCHESTER recovery firm Begbies Traynor has acquired the assets of Yorkshire insolvency firm Broadents.

Broadbents was establsihed in 2010 and has offices in York and Harlepool and in the year to March 31 2014 reported revenues of £600,000 and pre-tax profits of £100,000.

The acquisition is for an initial £200,000, payable in cash. A further consideration of up to £350,000 in cash is payable based on achieving revenue targets over the next two years.

Broadbents founder, David Broadbent, and his six staff will join the Begbies Traynor insolvency practice.

Ric Traynor, executive chairman of Begbies Traynor Group, said:”The acquisition of Broadbents further enhances our position as the UK’s leading independent insolvency practice.

“It brings additional expertise and relationships to the Group’s existing operations in the important Yorkshire and Northern region. We are pleased to welcome David and his team to the Group.

“We remain well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions.”

A team from North West law firm Brabners, led by corporate partner Caroline Litchfield, acted for Begbies.