Begbies reports ‘good progress’ integrating Eddisons

BEGBIES TRAYNOR has made good progress integrating Eddisons, the national firm of chartered surveyors it acquired for £8.5m last year, the specialist business recovery practice said in a trading update.

For the third quarter ended 31 January, trading, including the post-acquisition performance of the Eddisons business, was in line with the board’s expectations and its outlook for the year as a whole remains unchanged, Begbies said.

The insolvency market bellwether had previously warned of a challenging year as a result of lower levels of corporate insolvency work. In 2014, corporate insolvency appointments fell 9%, while trading in the third quarter was broadly consistent with that reported at the half year.

“Increased activity levels in the typically busier winter months for insolvency leave the group well placed to deliver the board’s expectations for the year as a whole,” said Ric Traynor [pictured], executive chairman of Begbies.

In December, Begbies completed the acquisition of the Eddisons property consultancy. Trading in the post-acquisition period has been in line with expectations at the time of the acquisition, the firm said.

“I am pleased with the initial progress in integrating Eddisons into the group; their team adds significant expertise in the valuation and disposal of property and business assets for insolvency, which is intrinsic to the group’s core insolvency practice, as well as expanding our service offering into other areas of property advice,” Traynor said.

Net debt at the end of the period was in line with the board’s expectations and the group remains comfortably within its banking facilities.