North West insolvency specialists Begbies Traynor Group has announced it has bought business agency Ernest Wilson.
Begbies Traynor, which is based in Manchester , announced the £4m acquisition of the entire issued share capital of the Leeds -based firm, which specialises in the sale of small firms across the country.
The Deansgate group, which has dozens of offices across the country, said the long-established Yorkshire business operates across a "broad range of sectors" ranging from food outlets and convenience stores to care homes, restaurants and hotels, employing 24 people.
It also said the acquisition enhances the group’s existing transactional support services provided by Eddisons, which include the sale of commercial property, through agency and auction, together with machinery and business asset disposals.
A spokesman added that the acquisition was "in line with our strategy to develop the group through selective acquisitions to enhance our expertise and service offering".
Ric Traynor, executive chairman of Begbies Traynor, said: “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.”
The acquisition is for an initial consideration of £4m, to be satisfied by £3m in cash from the group's existing resources and through the issue of 1,163,874 new ordinary shares of 5p each in the group.
An additional £1.63m will be payable "in line with the achievement of financial targets in the three years following completion".
