Professional services firm Begbies Traynor has completed its largest ever acquisition which has seen it take control of a long-established insolvency practice in a deal which could be worth up to £25m.
The Manchester-headquartered group has snapped up David Rubin & Partners after the move was first announced earlier this month.
Ric Traynor, executive chairman of Begbies Traynor Group, said: "The acquisition of DRP is our largest acquisition to date and is expected to be immediately earnings enhancing.
"It leaves the group well-positioned to increase its market share and continue to grow its business recovery and financial advisory revenues.
"With the benefit of this and other recent acquisitions together with organic growth initiatives the group is well positioned to deliver material growth in the 2021-22 financial year."
The initial consideration of £12m will be funded through a vendor placing of £10m and the issue of new ordinary shares worth £2m.
There will also be deferred consideration and earn out payments in cash of up to £13m, subject to financial performance of the acquired business over a period of up to five years.
David Rubin & Partners has offices in London and Guernsey.
