Begbies Traynor acquires midlands firm of property auctioneers
Professional services that act as a restructuring specialist, Begbies Traynor Group has completed the acquisition of a national firm of property auctioneers.
The firm has acquired Nottingham-headquartered SDL Auctions for an initial cash consideration of £2.5m.
SDL will integrate with Eddisons, the group’s property advisory and transactional services division, and will have all of its 46 staff join the group following the acquisition.
The acquisition will broaden Eddisons’ geographical coverage across the Midlands and augment its expertise and scale in auctions nationally.
The firm said this acquisition is in line with this strategy of enhancing its auction service offering. The firm also acquired Mark Jenkinson & Son, a Sheffield property auctioneer in March 2023.
SDL generated revenue from continuing operations of £4.5m and normalised pre-tax profits from continuing operations of £0.5m for the financial year ended 31 March 2023.
This comes after the firm announced yesterday that it predicted double-digit growth in both revenue and profitability, as the number of insolvencies continues to rise. The firm has not published any financial results but states it expects its revenue and adjusted operating profit to increase by 13 per cent.
Commenting on the news, Ric Traynor, executive chairman of Begbies Traynor Group said: “The acquisition of SDL Property Auctions 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. Our combined team will be one of the largest property auctioneers by volume nationally.”
The firm’s share price was trading at 113.5p per share on the London Stock Exchange yesterday.