Completion of Acquisition

RNS Number : 9584Z

Begbies Traynor Group PLC

17 December 2014

 



17 December 2014

THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR AN INVITATION TO ACQUIRE OR DISPOSE OF ANY SECURITIES.

Begbies Traynor Group plc

("Begbies" or the "Company" or the "Group")

Completion of Acquisition

Begbies is pleased to announce that the acquisition of Eddisons Commercial (Holdings) Limited ("Eddisons") has completed and is now unconditional in all respects (the "Acquisition").

As previously announced, the Board considers that the Acquisition is in line with the Group's strategy to enhance its market-leading insolvency practice through developing complementary service offerings, including valuation consulting.

Eddisons, which was founded in 1844, is a leading UK firm of chartered surveyors, offering a wide range of specialist services to banks, insolvency practitioners, and owners and occupiers of commercial property. The core services offered are valuation and disposal of property including fixed charge property receiverships; valuation and disposal of machinery and business assets; auctions; insolvency insurance brokerage; property and facilities management; and building consultancy and ratings valuations.

Ric Traynor, Executive Chairman of Begbies, commented:

"We are delighted to have completed the earnings enhancing acquisition of Eddisons today. The acquisition enables the Group to utilise Eddisons' expertise in the valuation and disposal of property and business assets on its existing caseload and to market the Group's enhanced competencies and service offerings to its combined client base, including banks and other financial institutions. We look forward to supporting Eddisons in the next stage of its development as part of the enlarged group."

For enquiries, please contact:

Begbies Traynor Group PLC	0161 837 1700
Ric Traynor, Executive Chairman
Nick Taylor, Group Finance Director
Canaccord Genuity Limited (Nomad and Joint Broker)	020 7523 8350
Bruce Garrow / Cara Griffiths / Pippa Underwood
Shore Capital (Joint Broker)	020 7408 4090
Pascal Keane / Jamie Cameron
MHP Communications	020 3128 8100
Reg Hoare / Katie Hunt / Giles Robinson

Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com

Important Information

The Company announced a vendor placing and cash placing on 12 December 2014 to raise approximately £5.3 million (the "Placing"). The Placing has now completed.

Canaccord Genuity, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser, joint bookrunner and joint underwriter exclusively for Begbies and is acting for no-one else in connection with the Placing and will not be responsible to anyone other than Begbies for providing the protections afforded to clients of Canaccord Genuity nor for providing advice in connection with the Placing, or any other matter referred to herein.

Shore Capital, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as joint bookrunner and joint underwriter exclusively for Begbies and for no one else in connection with the Placing and will not be responsible to anyone other than Begbies for providing the protections afforded to clients of Shore Capital or for affording advice in relation to the Placing, or any other matter referred to herein.

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Begbies' current expectations, estimates and projections about its industry, its beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond Begbies' control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. These factors include, amongst others, the ability to consummate the transaction; the ability of Begbies to successfully integrate Eddisons' operations and employees; the ability to realise anticipated synergies; dependence on key personnel; and financial and insurance risk management. Begbies cautions its shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Begbies only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. Begbies will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority. 

 

END

 

 

ACQTFBRTMBTBBTI