StockMarketWire.com - Begbies Traynor Group, the business recovery and property services consultancy, has acquired the trade and assets of Broadbents Business Recovery Services, a Yorkshire based insolvency practice. Broadbents was established in 2010 and has offices in York and Hartlepool. In the financial year ended 31 March 2014, the firm reported revenues of £0.6 million and pre-tax profits of £0.1 million.

The acquisition is for an initial consideration of £0.2 million, payable in cash on completion from the Group's existing resources. Under the terms of the acquisition, contingent consideration of up to £0.35 million in cash is payable based on achieving revenue targets over the two years post completion.

Broadbents founder, David Broadbent, and his six staff will join the Begbies Traynor insolvency practice.


At 9:46am: [LON:BEG] Begbies Traynor Group PLC share price was +0.25p at 44.5p



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