Ric Traynor

The acquisition is for an initial consideration of £0.25 million and additional contingent consideration of up to £0.25m, subject to fee income generated from the case load post-completion.

The consideration will be payable from the group’s existing financial resources. The team has typically generated annual fee income of c£0.6m pa.

The acquisition will increase Begbies Traynor’s existing operations in Scotland, which provide corporate and personal insolvency together with restructuring advisory services, through an existing team of 36 partners and staff.

The new team will operate from the firm’s Glasgow and Edinburgh offices following the acquisition. The acquired cases will be added to Begbies Traynor’s existing Scottish personal insolvency portfolio of around 1,500 cases.

Ric Traynor, executive chairman of Begbies Traynor Group plc, commented: “The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland and I am very pleased to welcome them to the group. As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and through acquisitions.”