Begbies Traynor acquires Ernest Wilson for at least £4m
StockMarketWire.com - Begbies Traynor said it had acquired Ernest Wilson for an initial £4m, boosting its transactional support services.
Ernest Wilson was a UK business transfer agent, providing agency services for the sale of small businesses across the UK.
The acquisition enhances the group's existing transactional support services provided by Eddisons, which included the sale of commercial property, through agency and auction, together with machinery and business asset disposals, the company said.
The initial £4m to acquire Ernest Wilson would be satisfied by £3m in cash from the group's existing resources and through the issue of 1,163,874 new ordinary shares of 5 pence each in the company.
An additional contingent consideration was also agreed of up to £1.63m which would be payable in line with the achievement of financial targets in the three years following completion of the deal.
At 8:24am: (LON:BEG) Begbies Traynor Group PLC share price was +0.25p at 85p
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