Yorkshire insolvency practice acquired by Begbies Traynor in £200k deal

Business recovery and property services consultancy, Begbies Traynor, announced today the successful acquisition of the trade and assets of Broadbents Business Recovery Services Limited, a Yorkshire based insolvency practice.

Established in 2010, Broadbents currently has offices in York and Hartlepool, and in the financial year ending 31 March 2014, the company reported revenues of £600k and pre-tax profits of £100k.

The acquisition is for an initial consideration of £200k, payable in cash on completion from Begbies Traynor’s existing resources.

Contingent consideration of around £350k in cash is also playable on the basis of achieving revenue targets over the two years post completion, the terms of the acquisition states.

David Broadbent, the found of Broadbents, as well as his staff of six will join the Begbies Traynor insolvency practice.

Ric Traynor, executive chairman of Begbies Traynor, 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”