Begbies Traynor acquires SDL Auctions

12th Dec 2023 10:02

(Sharecast News) - Corporate restructuring firm Begbies Traynor has completed its acquisition of SDL Auctions for an initial cash consideration of £2.5m.

Begbies Traynor said SDL, a national firm of property auctioneers, will be integrated with its property advisory and transactional services division, Eddisons, broadening the unit's geographical coverage across the Midlands and augmenting its expertise and scale in auctions nationally.

"The acquisition is in line with this strategy, enhancing our auctions service offering. Together with the acquisition of Mark Jenkinson & Son (the Sheffield property auctioneer) in March 2023, the transaction significantly increases our national coverage and reinforces our expertise and reputation for the sale by auction of commercial and residential property, as well as plant and machinery," said Begbies Traynor.

In addition to the upfront cash payment, the London-listed group will make an earn-out payment of up to £750,000, payable in cash, subject to maintaining revenue in the 12-month post-completion. The consideration will be met from Begbies Traynor's existing financial resources, with "significant headroom" available for further acquisitions and investment.

As of 1155 GMT, Begbies Traynor shares were up 1.25% at 114.92p.

Reporting by Iain Gilbert at Sharecast.com