Begbies Traynor raises £22m towards Rubin acquisition
AIM-quoted Begbies Traynor Group plc, the business recovery, financial advisory and property services consultancy, has raised £22 million before costs to satisfy the initial cash consideration of a £25m acquisition of David Rubin & Partners, to fund pipeline opportunities and for general corporate purposes.
The company, which has local offices in Cambridge, Colchester, Hemel Hempstead, Ipswich, Peterborough and Southend, said the raise was significantly oversubscribed.
The business being acquired, David Rubin & Partners, is a long-established insolvency practice with offices in London and Guernsey. The initial payment is £12 million with deferred consideration and earn out payments in cash of up to £13m, subject to the financial performance of the acquired business over five years.
Ric Traynor, executive chairman of Begbies Traynor, said: “We are delighted that both existing and many new investors participated in the fundraise. Our recent acquisitions and organic investments position us well to deliver material growth in our 2021-22 financial year.”