Acquisition
Begbies Traynor Group plc announced that its property advisory division, Eddisons, has acquired Network Auctions for up to £1.0 million in cash, with £0.5 million paid on completion and the remainder contingent on revenue growth targets. This strategic acquisition, funded by existing resources, aims to expand Eddisons' property auction business and enhance its national coverage, particularly in the south east of England. Network Auctions, which generates approximately £0.6 million in annual revenue and has a team of five employees, will integrate into the group, strengthening its service offering and market presence.
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Begbies Traynor Group plc (the "group") announces that Eddisons, its property advisory and transactional services division, is expanding its property auction business through the acquisition of Network Auctions, a south east based property auctioneer. The acquisition is in line with the group's strategy to strengthen its service offering and market coverage. The addition of Network Auctions will add scale to our existing auctions business and further develop our national coverage in the south east of England.
The group will pay cash consideration of up to £1.0m (£0.5m on completion with the balance subject to meeting revenue growth targets), payable from its existing financial resources. The Network Auctions team of five will all join the group following the acquisition, and the business generates annual revenue of c£0.6m.
Anthony Spencer, Managing Partner of Eddisons, commented:
"The acquisition of the Network Auctions business expands our existing property auctions team and enhances our coverage across the south east of England. I am very pleased to welcome the team to Eddisons and to the wider Begbies Traynor Group."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.