Begbies Traynor Group plc, the business recovery, financial advisory and property services consultancy, today announces the acquisition of the entire issued share capital of Regeneratus Consulting 1 Limited ("Regeneratus"), an Exeter based advisory practice with particular expertise in restructuring, turnaround and legal issues.
Founded by Rob Insall in 2016, it reported annual revenue of £0.6 million and pre-tax profits (reported on the same basis as the group) of £0.2 million in the financial year ended 31 March 2019. It had gross assets of £0.6 million as at 31 March 2019.
The Regeneratus team, including Rob Insall, will join our existing South West practice, enhancing the services and advice we can provide to our clients across the region.
Principal terms of the acquisition
The acquisition is for an initial consideration of £0.5 million, to be satisfied in cash from the Group's existing resources. Contingent consideration of up to £1.1 million will become payable subject to the achievement of stretching financial growth targets for the business in the four year period directly following completion. Any additional consideration is calculated according to an agreed formula and is payable in cash.
The acquisition is on a cash free, debt free basis.
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
"This acquisition delivers on our strategy of developing the scale and quality of our businesses and continuing to develop our service offering. Rob has successfully grown his practice over the last three years and we look forward to continuing this development as a part of the broader group."
Ric qualified with Arthur Andersen in 1984 and founded Begbies Traynor in 1989. Ric specialises in practice management and has considerable experience in financial turnaround and dispute resolution within professional practices.