Five members of business advisory firm Grant Thornton's team in Scotland have moved to Begbies Traynor bringing a portfolio of 503 personal insolvency cases in a deal worth up to £500,000.
Insolvency and restructuring specialist Begbies Traynor said the acquisition adds to an existing team of 36 partners and staff and their personal insolvency portfolio of around 1,500 cases.
The five fee earners involved, who will be based in Bebgies' Edinburgh and Glasgow offices, bring in a typical annual revenue of around £0.6 million.
The acquisition is for an initial £0.25 million with another £0.25 million subject to future fee income generated from the cases, which include sequestrations, trust deeds and debt arrangement schemes.
Ric Traynor, executive chairman of Begbies Traynor Group, said: "The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland and I am very pleased to welcome them to the group.
"As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and through acquisitions."
