StockMarketWire.com - Begbies Traynor Group has completed the acquisition of the trade and assets of Ian Franses Associates, the London-based corporate insolvency specialist.

In the year to 31 May 2013, the firm reported revenue of £1.5m and a pre-tax profit (adjusted for partner remuneration) of £0.3m.

The acquisition is for an initial consideration of £0.6m, to be satisfied in cash.

Under the terms of the acquisition, there is a deferred consideration of up to £1.4m dependent on financial performance over the three years from completion, to be satisfied in cash.

The acquisition is expected to be earnings enhancing, both initially and after any additional consideration is paid. As part of the wider Begbies Traynor Group, Ian Franses, which is located in Paddington, will focus on executing higher volume Liquidations and personal insolvency in the London market. This will enable the existing team in London to continue to build on its successes in executing higher value restructuring mandates as well as larger insolvency cases.




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