The listed accounting firm said it had paid approximately £1.1m. About £500,000 of the consideration would be raised by the issue of new shares at 111p and the rest would be paid in cash.
The Chantrey Vellacott practice is run by Peter Hughes Holland, the firm’s national business recovery senior partner. The pro-forma turnover of the Thames Valley practice in the year to 30 June 2002, was approximately £1.1m and has three partners and 17 staff.
Numerica chief executive Tony Sarin said: ‘Business recovery is a very important part of Numerica’s offering. Peter Hughes Holland is well known in the business recovery community and both he and Numerica are at the leading edge of reshaping the rescue culture within the UK.’
With a 50% increase last year, Chantrey Velacott’s business recovery sector was the practice which grew the most in the Accountancy Age League table.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children