Begbies Traynor has acquired a team from Grant Thornton in Scotland for a total consideration of around half a million pounds.
The deal sees a team of five fee insolvency practitioners transfer Grant Thornton to Begbies Traynor, a UK consulting group dedicated to restructuring and turnaround services. The quintet are taking along around 500 Scottish insolvency cases to their new employer, and an fee income to the tune of £600,000 per annum.
“The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland and I am very pleased to welcome them to the group,” said Ric Traynor, Executive Chairman of Begbies Traynor.
The integration lifts Begbies Traynor’s Glasgow and Edinburgh based team to 36 partners and staff, and its portfolio of insolvency cases to around 1,500. Alongside corporate and personal insolvency, Begbies Traynor also supports its clients in Scotland with restructuring advisory services and the management of administrations.
The deal comes within a year of three other acquisitions. In October last year, London-based insolvency firm ALJ joined Begbies Traynor, and before that, the firm acquired SME dealmaker Ernest Wilson and Exeter-based Regeneratus.
Begbies Traynor generated revenues of £60 million in its latest financial year (closed just after the Covid-19 outbreak), up from £52 million the year previous.