Begbies Traynor Group acquires Exeter firm
24 Sep 2019
Top 20 firm Begbies Traynor Group plc has acquired Regeneratus Consulting 1, an Exeter-based advisory practice specialising in restructuring, turnaround and legal issues
24 Sep 2019
Founded by Rob Insall in 2016, the firm reported annual revenue of £600,000 and pre-tax profits (reported on the same basis as the group) of £200,000 in the financial year ended 31 March 2019.
The Regeneratus team, including Insall, will join Begbies Traynor Group’s (BTG) existing South West practice, enhancing the services and advice for clients across the region.
The acquisition is for an initial consideration of the share capital of £500,000 to be paid in cash from BTG’s existing resources. Contingent consideration of up to £1.1m will become payable subject to the achieving financial growth targets for the business in the four-year period directly following completion. Any additional consideration is calculated according to an agreed formula and is payable in cash.
The acquisition is on a cash free, debt free basis.
Ric Traynor, executive chairman of Begbies Traynor Group plc, said: ‘This acquisition delivers on our strategy of developing the scale and quality of our businesses and continuing to develop our service offering. Rob has successfully grown his practice over the last three years and we look forward to continuing this development as a part of the broader group.’
In June, BTG acquired a firm of Stoke-on-Trent insolvency practitioners, Dunion & Co, for an undisclosed amount.
Begbies Traynor, ranked 17th in the Accountancy Daily Top 75 Firms 2019, reported revenues of £60.1m for year end April 2019, up 15% from £52.4m year on year. It has 650 partners and staff, up from 576 in 2018, made up of 486 fee earners and 164 support staff.