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Begbies Traynor acquires Daniells Harrison Surveyors
10th Jan 2022 09:50
(Sharecast News) - Corporate restructuring specialist Begbies Traynor said on Monday that it had acquired English chartered surveyors firm Daniells Harrison Surveyors for a maximum consideration of £3.25m in cash and shares.
Begbies Traynor will pay an initial consideration of £1.0m, payable £750,000 in cash and the issue of 186,651 new ordinary shares, with a contingent cash consideration of £1.0m subject to maintaining financial performance in the four-year period post-completion.
The AIM-listed firm, which will integrate Daniells Harrison with its Eddison brand, added that the acquisition also includes a maximum cash earn-out of £1.25m, subject to meeting growth targets over the five-year period post-completion.
Begbies highlighted that the acquisition was in line with its strategy of increasing the scale and quality of its businesses both organically and through value-accretive acquisitions, as the Daniells Harrison team will extend the geographical coverage of its property advisory and transactional services division from its original northern base to the south coast of England, with offices in Fareham, the Isle of Wight, Bournemouth and Hailsham.
Chairman Ric Traynor said: "The acquisition of Daniells Harrison is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage.
"Daniells Harrison has excellent relationships with a broad range of clients which have been developed over many years and we are very much looking forward to working with them."
As of 0950 GMT, Begbies Traynor shares were down 0.60% at 132.20p.
Begbies Traynor will pay an initial consideration of £1.0m, payable £750,000 in cash and the issue of 186,651 new ordinary shares, with a contingent cash consideration of £1.0m subject to maintaining financial performance in the four-year period post-completion.
The AIM-listed firm, which will integrate Daniells Harrison with its Eddison brand, added that the acquisition also includes a maximum cash earn-out of £1.25m, subject to meeting growth targets over the five-year period post-completion.
Begbies highlighted that the acquisition was in line with its strategy of increasing the scale and quality of its businesses both organically and through value-accretive acquisitions, as the Daniells Harrison team will extend the geographical coverage of its property advisory and transactional services division from its original northern base to the south coast of England, with offices in Fareham, the Isle of Wight, Bournemouth and Hailsham.
Chairman Ric Traynor said: "The acquisition of Daniells Harrison is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage.
"Daniells Harrison has excellent relationships with a broad range of clients which have been developed over many years and we are very much looking forward to working with them."
As of 0950 GMT, Begbies Traynor shares were down 0.60% at 132.20p.