Insolvency specialist Begbies Traynor has announced its intention to continue making acquisitions, saying that it has ample financial firepower left over after its successful purchase of rival A Segal & Co.
Begbies Traynor paid an initial £450,000 for A Segal & Co, but after raising £5m from its AIM listing there are plenty of funds still available to make further purchases, as the company aims to double its market share over the next three years.
‘We are looking to make around half-a-dozen acquisitions in 2005. If there were enough targets around, we would be making an acquisition every month,’ said Ric Traynor, executive chairman of Begbies Traynor.
Traynor said the company was currently involved in a ‘number of negotiations’, and hoped to announce another one or two acquisitions by the time it released its results in April.
The A Segal & Co acquisition was the first Begbies Traynor has made since listing on AIM.
‘We are very pleased with the acquisition of A Segal & Co. It fits in very nicely with our business, and brings cost savings and a new client base in addition to our own,’ Traynor said.
The founder of A Segal & Co, Andrew Segal, will become a director at Begbies Traynor, and is expected to stay with the company for at least five years.
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