PracticeAccounting FirmsBegbies acquires Manchester firm

Begbies acquires Manchester firm

Listed insolvency firm acquires Cooper Williamson

Begbies acquires Manchester firm

MANCHESTER-BASED insolvency specialists Cooper Williamson has been snapped up by Begbies Traynor.

Cooper Williamson recently posted revenues of £1.7m and a pre-tax profit of £0.4m for the year ending 31 May 2013. It has seen strong performance from its realbusinessrescue.co.uk website, but its caseload of large clients has been mostly regional – which Begbies hopes will change under its broader office structure.

The deal value is £0.9m, half-paid in cash and the rest through a share issuance. Deferred consideration of a further £1.1m is dependent on financial performance over the three years from completion. A further 0.5m consideration will be paid out based on “robust” turnover targets in the following two years.

The acquired firm will join Begbies’ existing Manchester office.

Ric Traynor (pictured), executive chairman of Begbies Traynor, said: “The acquisition of Cooper Williamson is an exciting development for us, and is in line with our strategy to enhance our position as the UK’s leading independent insolvency practice. It will reinforce our presence in the north west and give us the opportunity to expand Cooper Williamson’s already successful model and business rescue internet portal on a national scale.”

Yesterday Begbies was in gloomier form, with Traynor explaining at its AGM that the insolvency market was “subdued”, with no signs of improvement.

Related Articles

Leonard Curtis Scottish office led by ex-KPMG senior manager

Accounting Firms Leonard Curtis Scottish office led by ex-KPMG senior manager

9m Accountancy Age editorial
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

11m Stephanie Wix, Writer
Leonard Curtis launches legal services division

Accounting Firms Leonard Curtis launches legal services division

1y Accountancy Age, Reporters
CVR Global launches in Jersey

Accounting Firms CVR Global launches in Jersey

1y Richard Crump, Writer
Professional services sentiment improves as 'Brexit means work'

Accounting Firms Professional services sentiment improves as 'Brexit means work'

12m Stephanie Wix, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer