Business recovery group Begbies Traynor Group has announced the acquisition of the trade and assets of corporate insolvency firm Ian Franses Association Ltd.
The London-based firm will operate as part of the wider Begbies Traynor group, focusing on higher volume liquidations and personal insolvency within the London market.
The acquisition is for an initial consideration of £0.6m, to be satisfied in cash. Under the terms of the acquisition, there is a deferred consideration of up to £1.4m dependent on financial performance over the three years from completion, to be satisfied in cash.
The acquisition is expected to be earnings enhancing, both initially and after any additional consideration is paid.
Ric Traynor, executive chairman of Begbies Traynor Group plc, 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.”
In October 2013, Begbies Traynor completed the acquisition of the trade and assets of Manchester-based rival Cooper Williamson Ltd.