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Begbies Traynor Group PLC - Manchester-based business recovery, financial advisory and property services consultancy - Completes acquisition of Budworth Hardcastle Ltd, a firm of chartered surveyors based in multiple locations across the England. In its financial year ended August 31, Budworth generated revenue of £1.8 million and pre-tax profits of £400,000. Trading has been maintained at these levels in the current financial year to date.
Acquisition includes an initial consideration of £900,000 and a contingent cash consideration of up to £900,000 subject to Budworth maintaining its financial performance in the three years after completion. The acquisition also includes a maximum cash earn out of £600,000 subject to meeting growth targets over five years. This gives a maximum consideration of £2.4 million.
Current stock price: 150.60 pence, up 2.5% in London on Monday
12-month change: up 9.9%
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