Begbies Traynor swoops on small firms sale specialist

Begbies Traynor, the insolvency firm with five Scottish offices, has swooped on a small business sale agency in a deal worth up to £5.6 million.

Ric Traynor, executive chairman of Begbies Traynor Group. Picture: Giles Rocholl

The insolvency specialist has acquired the entire issued share capital of Leeds firm Ernest Wilson, which has 24 staff.

Begbies will pay £4m in cash and shares, with an additional £1.6m to be paid if three-year financial targets are achieved.

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Ernest Wilson reported annual revenue of £2.2 million and pre-tax profits of around £700,000 in the year to 31 July.

The Yorkshire firm has 24 staff and operates across sectors including food outlets, convenience stores, care homes, restaurants and hotels.

Begbies said the new addition will complement its advisory and corporate finance offerings, as well as enhancing existing transactional support services provided by Eddisons, part of the Begbies Traynor Group.

Ric Traynor, executive chairman of Begbies Traynor Group, said: "Ernest Wilson is highly complementary to our existing services and, by extending our transactional service offering, will enable us to deliver a broader range of services to support business and asset sales.

"Ernest Wilson has a long track record of delivering both excellent service to its clients and strong financial performance, which we expect to build upon as part of the broader group."

The group operates offices in Edinburgh, Glasgow, Aberdeen, Dundee and Inverness.