Insolvency firm Begbies Traynor has snapped up a business which specialises in the sale of small firms across the UK in a deal worth up to £5.6m.
Begbies Traynor, which has five offices in Scotland, has acquired Leeds-headquartered Ernest Wilson which operates sectors ranging from food outlets and convenience stores to care homes, restaurants and hotels. The business has 24 staff.
Ric Traynor, executive chairman of Begbies Traynor, said the deal was is in line with the company’s strategy to develop the group.
“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.”
The firm said it also enhances its existing transactional support services provided by Eddisons, which include the sale of commercial property, together with machinery and business asset disposals.
In the financial year ended 31 July 2019, Ernest Wilson reported annual revenue of £2.2 million and pre-tax profits of £700,000.
Under the terms of the acquisition, Begbies will pay an initial £4 million in cash and shares.
A further sum of up to £1.63 million will be paid depending on performance.
