Begbies Traynor acquires CVR Global in £20.8m deal
Corporate restructuring specialist Begbies Traynor said on Monday that it had completed its acquisition of CVR Global.
Begbies will pay a maximum potential consideration of £20.8m for CVR, on a cash free and debt free basis, financed from the group's existing bank facilities.
The AIM-listed group highlighted that the acquisition represented the largest insolvency acquisition it has undertaken to date and stated that it also delivered "a significant expansion" of its scale in London and the South of England, as well as adding its first overseas offices.
Chairman Ric Traynor said: "The acquisition of CVR is our largest insolvency acquisition to date and is expected to be immediately earnings enhancing.
"The increase in scale and capabilities leaves the group well-positioned to increase its market share and continue to grow its business recovery and financial advisory revenues."
As of 1030 GMT, Begbies Traynor shares were up 7.94% at 106.0p.