Begbies Traynor, one of the UK’s most well known financial services firms has completed its latest acquisition. The firm has recently acquired Andrew Forbes, a Bristol-based chartered surveyor. The deal has been completed for a sum of approximately £1 million. This entire consideration equates to four times the normalised pre-tax profits of Andrew Forbes, which amounted to £250,000 for the fiscal year ending in March 2023. This was derived from revenue of £1.7 million.

Begbies Traynor is primarily known for its business recovery and financial advisory services. They have also been involved in property services since acquiring Eddisons in 2014. Andrew Forbes was founded in 1995. It employs a staff of 18 in Bristol and operates across the southwest. It will now become part of Eddisons Group after this acquisition.

The initial payment for the acquisition amounts to approximately £500,000. Begbies Traynor will complete the additional payment of up to £500,000 in cash, contingent on maintaining profits over the next three years.

Deal impact

Since creating the division through the acquisition of Eddisons in December 2014, the group has consistently achieved acquisitions meeting these criteria. This strategy has significantly increased the division’s scale. Their current annual revenues have reached close to £40 million, demonstrating resilience in earnings despite a challenging economic environment. This showcases strong growth and profitability.

This acquisition falls directly in line with Begbies Traynor’s overarching strategy of growing its businesses both organically and through acquisitions. In the field of property services, its strategy aims to enhance and expand service offerings and geographical coverage. Andrew Forbes’ addition to their portfolio contributes an additional £1.7 million in revenue.

Anthony Spencer, director of Eddisons, expressed his pleasure in welcoming the Andrew Forbes team to Eddisons. He noted their excellent regional reputation, which complements Eddisons’ existing strength in valuations in the southwest. Ric Traynor, executive chairman of Begbies Traynor is also positive about this acquisition.This move aims to increase its scale, market position, service offerings, and geographical coverage. The group continues to actively seek further expansion opportunities throughout the UK.