Insolvency firm Begbies Traynor has hit the acquisition trail for the second time this week with a deal to buy a London-based rival for up to £6.35m.
Begbies Traynor, which has five offices in Scotland, has bought Alexander Lawson Jacobs which is ranked as a top 20 UK insolvency practice.
The team of 24 directors and employees will join the group following the deal.
Begbies Traynor said the acquisition is in line with its strategy to increase the scale and market share of its insolvency practice.
Executive chairman Ric Traynor said:
“Alexander Lawson Jacobs has an experienced team with a strong recent growth record, which will enhance our existing strong network of offices across London and the South-East.
“This acquisition is in line with our strategy to increase the scale and market share of our market-leading insolvency practice.”
In the financial year ended 30 June 2019, Alexander Lawson Jacobs reported annual revenue of £3.1 million and pre-tax profits of £900,000.
The acquisition is for an initial sum of £2.35m with an additional amount payable of up to £4.0m subject to the achievement of financial targets for the business in the five year period directly following completion.
At the start of the week Begbies Traynor snapped Leeds-headquartered Ernest Wilson which specialises in the sale of small firms across the UK in a deal worth up to £5.6m.
