Begbies Traynor Group makes £4m acquisition of Leeds business transfer agency
Begbies Traynor Group plc has acquired the entire issued share capital of Ernest Wilsons & Co Limited and of Ernest Wilson’s (West Yorkshire) Limited which trade collectively.
The acquisition is for an initial consideration of £4m, to be satisfied by £3m in cash from the group’s existing resources.
Ernest Wilson is a UK business transfer agent, providing agency services for the sale of small businesses across the UK. This Leeds business operates across various sectors ranging from food outlets and convenience stores to care homes, restaurants and hotels.
In the financial year ended July 31, 2019, Ernest Wilson reported annual revenue of £2.2m and pre-tax profits of £0.7m, when reported on the same basis as the group. It had gross assets (excluding cash at bank) of £0.5m as at July 31, 2019.
Ric Traynor, executive chairman of Begbies Traynor Group plc, added: “The acquisition of Ernest Wilson is in line with our strategy to develop the group, by enhancing our expertise and service offering.
“Ernest Wilson is highly complementary to our existing services and, by extending our transactional service offering, will enable us to deliver a broader range of services to support business and asset sales.
“Ernest Wilson has a long track record of delivering both excellent service to its clients and strong financial performance, which we expect to build upon as part of the broader group.”
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