INSOLVENCY SPECIALISTS Begbies Traynor Group has acquired the trade and assets of Ian Franses Associates, the London-based corporate insolvency group.
The newly acquired business will focus on executing higher volume liquidations and personal insolvency in the London market. Begbies' existing team in London will concentrate on higher value restructuring deals as well as larger insolvency cases, the firm said.
Begbies will make an initial consideration of £0.6m, with a further £1.4m to paid if Ian Franses Associates hits financial targets over the next three years.
In the year to 31 May 2013, Ian Franses reported revenue of £1.5m and a pre-tax profit (adjusted for partner remuneration) of £0.3m.
Ric Traynor, executive chairman of Begbies Traynor Group [pictured], said: "The acquisition of Ian Franses is in line with our strategy to enhance our position as the UK's leading independent insolvency practice. It brings both additional capacity and relationships to the group and the ability to provide complementary services from two London locations, providing a strong platform for growth in this important market."
The listed insolvency firm posted revenues of £22.3m for the six months ended 31 October 2013, down from £26.1m a year earlier. Adjusted profit befoe tax was £2.1m, compared to £3.2m last year.
It will announce its full year results for the year ended 30 April 2014 on 9 July 2014.
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