Begbies Traynor buys London corporate insolvency firm

16th Jun 2014 07:47

Insolvency specialist Begbies Traynor has bought the trade and assets of London-based corporate insolvency group Ian Franses Associates for up to £2m.Begbies said the purchase of Franses, which focus on higher volume liquidations and personal insolvency in the London market, would give it an increased presence in the capital.It is paying £600,000 up front with a further £1.4m to be paid if Franses hits financial targets in the next three years.In the year to May 2013, Franses reported revenue of £1.5m and a pre-tax profit of £300,000The acquisition is expected to improve Begbies' earnings both initially and after any additional consideration is paid. Begbies' Chairman Ric Traynor said: "The acquisition of Ian Franses is in line with our strategy to enhance our position as the UK's leading independent insolvency practice. It brings both additional capacity and relationships." PW