London chartered surveyor firm acquired by national group in six-figure deal

A national group is set to expand its property advisory business in the South East with the acquisition of a London chartered surveyor firm.

Begbies Traynor Group has today announced the acquisition of the entire issued share capital of Hargreaves Newberry Gyngell Limited (HNG).

The acquisition is for an initial cash consideration of £0.4m on a cash free, debt free basis. Contingent cash consideration of up to £0.6m will become payable subject to the achievement of stretching financial targets in the two years following completion.

As part of the deal, HNG’s 13 staff will integrate with Eddisons, Begbies Trayor’s property advisory and transactional services division.

Anthony Spencer, director at Eddisons, commented: “I am very pleased to welcome the HNG team to Eddisons; they have an excellent reputation for high quality professional advice, and we look forward to working with them and developing our combined service offering.

“The acquisition significantly strengthens our property advisory capability in London and the South East, and we continue to seek opportunities for further growth there and across the UK.”

Ric Traynor, executive chairman of Begbies Traynor Group plc, added: “The acquisition of HNG 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.

“HNG has excellent relationships with a broad range of clients which have been developed over many years.”