StockMarketWire.com - Corporate restructuring group Begbies Traynor said it had completed the acquisition of Daniells Harrison Surveyors, a chartered surveyor company, for up to £3.25 million.

'The group's strategy is to increase the scale and quality of its businesses both organically and through value-accretive acquisitions, enabling increased shareholder value through the delivery of strong, sustainable financial performance,' the company said.

Under the terms of the acquisition, the company would pay an initial consideration of £1 million, payable £0.75 million in cash and through the issue of 186,651 new ordinary shares.

A contingent cash consideration of £1 million, meanwhile, would be subject to Daniells Harrison Surveyors maintaining financial performance in the four year period post completion.

The maximum cash earn out was agreed of £1.25 million that would depend on Daniells Harrison Surveyors meeting growth targets over the five year period post completion, taking the total potential sum to £3.25 million.


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