Begbies Traynor pays £1.6m for Barker Storey Matthews
Professional services company Begbies Traynor has widened its property consultancy interests through the £1.6 million acquisition of Barker Storey Matthews.
The deal could stack up to £3m over time as an additional contingent consideration of up to £1.4m will become payable subject to certain revenue targets being reached in ensuing years.
BSM is one of the largest independent firms of chartered surveyors in Eastern England with offices in Cambridge, Huntingdon, Peterborough and Bury St Edmunds.
It was recently ranked overall winner for Eastern England in the EG Deals Competition 2018 for commercial property agents.
The firm has 38 employees and is led by an experienced and well-regarded management team, who will join the group. BSM will be integrated with the Begbies Traynor Group’s existing Eddisons property services division.
The core services offered are commercial property agency, property management, building consultancy, professional services (including valuations) and planning services, consistent with those offered by the existing Eddisons business. As ranked by EG, BSM has strengths across the office, industrial, retail and investment sectors.
In the financial year ended March 31, 2018, BSM reported annual revenue of £3.1m and pre-tax profits of £0.6m. It had gross assets (excluding cash at bank) of £0.7m.
Steve Hawkins, Managing Director at BSM, commented: “We are excited to be joining the Eddisons team as there is a natural overlap with the services we offer and an opportunity to work with like minded individuals. This strengthens our proposition to our dedicated client base and we look forward to developing the opportunities the deal presents. Not only will we be able to offer a greater spread of professional services but we will be able to do so on a UK wide basis.”