Professional services firm Begbies Traynor has bought London-based chartered surveyors Hargreaves Newberry Gyngell (HNG), in a deal worth £1m.
HNG employs 13 staff, who will all integrate with Eddisons, Begbies Traynor’s property advisory and transactional services division.
The acquisition is for an initial cash consideration of £0.4m on a cash free, debt free basis. Contingent cash consideration of up to £0.6m will become payable subject to the achievement of financial targets in the two years following completion.
Ric Traynor, executive chairman of Begbies Traynor, said: “The acquisition of HNG is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage.”
The group has started the year on an acquisition spree, having bought CVR Global in a deal worth £20.8m just last month, marking the firm’s biggest acquisition to date.
Begbies Traynor said it aims to increase the scale of its businesses through both organic growth and acquisitions. It also wants to broaden its service offerings and its geographical coverage.
Anthony Spencer, director at Eddisons, added: “The acquisition significantly strengthens our property advisory capability in London and the South East, and we continue to seek opportunities for further growth there and across the UK.”
HNG provides commercial property management, agency, and lease advisory services to a range of clients, including private investors, property funds and commercial businesses.
In its financial year ended 30 September 2020, HNG reported revenue of £1.5m and normalised pre-tax profits of £0.2m. It had net assets of £0.3m as at 30 September 2020.