Insolvency and restructuring firm Begbies Traynor has acquired the trade and assets of Broadbents Business Recovery Services, a Yorkshire-based insolvency practice.
Broadbents was established in 2010 and has offices in York and Hartlepool. In the financial year up to March 31 2014, the firm reported revenues of £600,000 and pre-tax profits of £100,000.
The acquisition is for an initial consideration of £200,000, payable in cash on completion from the group’s existing resources.
Under the terms of the deal, a contingent consideration of up to £350,000 in cash is payable based on achieving revenue targets over the two years, post completion.
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 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.”
By Marcel LeGouais