Corporate recovery and business services firm Begbies Traynor has struck another acquisition deal as it expands its interests in the property sector.
The Manchester-based group, which has offices in Glasgow and Edinburgh, has bought Barker Storey Matthews, one of the largest independent firms of chartered surveyors in Eastern England with offices in Cambridge, Huntingdon, Peterborough and Bury St Edmunds.
The firm, which has 38 employees, will be integrated with the Begbies Traynor’s existing Eddisons property services division.
Begbies Traynor said the acquisition is in line with its strategy to develop its property services business through acquisitions to enhance its expertise and geographical coverage.
In the financial year ended 31 March 2018, BSM reported annual revenue of £3.1 million and pre-tax profits of £0.6 million.
Under the deal an initial £1.6m will be paid in cash and shares with up a further £1.4m payable depending on financial performance in the next three years.
Ric Traynor, executive chairman of Begbies Traynor, said: “The acquisition of BSM is in line with our strategy to develop our property services division, by enhancing our expertise and geographical coverage.
“BSM is highly complementary in terms of its skills, and extends our reach into a new and important region. The firm has excellent relationships with a broad range of clients and a strong track record of growth and profitability.”
In February Begbies announced the acquisition of KRE (North East ) , a Newcastle insolvency practice.
