Begbies Traynor, which has five offices in Scotland, has obtained Ernest Wilson which operates sectors ranging from food outlets and convenience stores to care homes, restaurants and hotels.

Ric Traynor, executive chairman of Begbies Traynor, said the deal was part of the company’s strategy to develop the group.

He 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 services to its clients and strong financial performance, which we expect to build upon as part of the broader group.”

Begbies Traynor said it also enhances its existing transactional support services provided by Eddisons, which include the sale of commercial property, together with machinery and business asset disposals.

Under the terms of the acquisition, Begbies will pay an initial £4m in cash and shares.

A further sum of up to £1.63m will be paid depending on performance.