Raymond Doherty 6 Mar 2018 12:34pm

Begbies Traynor acquires Springboard Corporate Finance

Business recovery group Begbies Traynor has continued its expansion with the purchase

Begbies could eventually pay a total of £4.5m for Springboard Corporate Finance Ltd, a mid-market practice.

The deal is made up of a £2.75m initial net consideration, a £0.5m contingent consideration and a further £1.25m cash payment.

Springboard has offices in Birmingham, London and Nottingham. It completed 17 transactions last year with a combined value of £225m and has a team of 15.

It will continue to operate under its existing brand and the senior leadership, team and offices will remain unchanged.

“With Begbies Traynor Group, we saw a management team who were fully supportive of our growth ambitions. We will now use that support and financial firepower to proactively grow our existing team, at all levels including new entry partner recruits as we look to build a significant national presence,” said Simon Ward, Springboard partner.

It continues an acquisition pattern for Begbies which last month expanded its property division with the purchase of CJM Asset Management for £550,000.

In December 2014 it acquired Eddisons, a nationwide firm of property consultants, and a year later it added Rugby-based business surveyors and valuers Taylors to the division. More recently, in June 2016, it bought Pugh & Co, the property auction business. The division now contributes around 30% of revenue and profits.