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3 August, 2022 - 14:16 By Tony Quested

Begbies Traynor continues acquisition spree

Corporate restructuring specialist Begbies Traynor Group plc, which has operations in Cambridge and across the East of England, has acquired London firm Axiom Consulting & Investments Limited and Ellayaan Limited and its subsidiary undertakings, which together trade as Mantra Capital. 

An initial consideration of £4.5 million comprises £4m cash from the group’s existing facilities and the issue of 352,361 new ordinary shares to fund the balance.

There is also a potential earn-out of up to an additional £13.5m (in a mix of cash and shares) subject to the delivery of material profit growth during four years post-completion.

Begbies Traynor says Mantra will join with MAF Finance Group – acquired in May 2021 – to form a national finance brokerage with complementary sector expertise. The deal is expected to be immediately earnings enhancing.

Mantra is an FCA-regulated finance and insurance brokerage with “significant expertise” across both commercial and residential real estate lending.

Its team of 23 provides property investment and development finance plus finance for trading businesses and residential mortgages. Mantra further provides insurance brokerage services to their commercial clients.   

The business has a strong relationship with a large panel of banks and specialist funders and raised more than £500m for clients over the last year.

In its financial year to December 31, Mantra achieved revenue of £4.2m and normalised pre-tax profits of £1.2m.

Ric Traynor, executive chairman of Begbies Traynor Group plc, said: “The acquisition of Mantra is in line with our growth strategy to complement and expand our services and regional coverage, whilst enabling us to form a national finance business serving a wide range of sectors.

“We believe access to finance will be critical as the economy addresses its current challenges. BTG Funding Solutions will be a major addition to the support and advice we can provide while enhancing our long-term organic growth prospects.”

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