Financial services firm makes £1m acquisition in South West
Financial services firm Begbies Traynor has a acquired a Bristol business for £1m.
Begbies which specialises in business recovery and property services has acquired chartered surveyor Andrew Forbes.
Andrew Forbes employs 18 staff in Bristol and operates across the South West. It was founded in 1995.
The business will integrate with Eddisons, the group’s property division.
The Andrew Forbes team provides commercial valuation and building consultancy services, which sits alongside Begbies’ current service offering and strengthens its existing regional presence across the South West.
In its financial year ending in March, Alexander Forbes generated revenue of £1.7m and normalised pre-tax profits of £250,000.
Trading currently is projected to maintain this level in the current financial year. It had net assets of £200,000.
Begbies’ strategy is to increase the scale and quality of its businesses both organically and through value-accretive acquisitions, delivering strong, sustainable financial performance.
Since the creation of the division through the acquisition of Eddisons in December 2014, the group has built a strong track record of acquisitions that have met these criteria.
The strategy has increased the scale of the division from annual revenue of £13m to a current run rate of £40m.
There will be a an initial payment of £500,000 and a further payment of £500,000 subject to maintaining profits in the three year period post completion.
Anthony Spencer, director at Eddisons, commented: “I am very pleased to welcome the Andrew Forbes team to Eddisons.
“They have an excellent regional reputation which complements Eddisons existing strength in valuations and the South West. We continue to seek further opportunities for expansion across the UK.”
Ric Traynor, executive chairman of Begbies Traynor Group, added: “The acquisition of Andrew Forbes 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.
“The Andrew Forbes team is a long standing and successful business, and we are looking forward to working with them.”
