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Begbies Traynor Group PLC - Manchester-based business recovery, financial advisory and property services consultancy - Buys Axiom Consulting & Investments Ltd and Ellayaan Ltd, together traded as the London-based property finance brokerage Mantra Capital, for £4.5 million. The initial consideration consists of £4.0 million in cash and the issue of 352,361 shares. Begbies says the acquisition is expected to be ‘immediately earnings enhancing’, with a potential earnout of up to a further £13.5 million over the four years post completion, subject to delivering profit growth.
Chair Ric Traynor says: ‘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.’
For 2021, Mantra reported revenue of £4.2 million and pretax profit of £1.2 million. Net assets as at December 31 stood at £2.6 million, including cash of £1.3 million.
Current stock price: 141.20 pence, down 0.6%
12-month change: down 0.6%
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