Begbies Traynor Group has announced that its acquisition of David Rubin and Partners (DRP) has been completed for a cash consideration of £25m.
The insolvency practice purchase included an initial consideration of £12m, with a deferred payment of up to £13m dependent on the financial performance of the practice across the next five years.
The acquisition will result in a “significant increase” in the scale of the group’s business recovery and financial advisory business, especially in the key London market.
Ric Traynor, executive chairman of Begbies Traynor Group, said: “The acquisition of DRP is our largest acquisition to date and is expected to be immediately earnings enhancing. It leaves the Group well-positioned to increase its market share and continue to grow its business recovery and financial advisory revenues.
“With the benefit of this and other recent acquisitions together with organic growth initiatives the Group is well positioned to deliver material growth in the 2021-22 financial year.”