Begbies Traynor has completed its £2m deal to buy Daniells Harrison Surveyors.
The business recovery, financial advisory and property services group will add the south coast-based firm to Eddisons, its property advisory arm.
Daniells Harrison, which has offices in Fareham, the Isle of Wight, Bournemouth and Hailsham, earned £2.1m last year, with pre-tax profits of £400,000. The 27-strong surveyors had net assets of £500,000, including £300,000 in cash, as at 31 March 2021.
An initial consideration of £1m will be paid with £750k in cash and the remainder through the issue of 186,651 new ordinary shares. A contingent cash consideration of £1m will be paid, subject to the firm maintaining its financial performance during the four-year period after completion.
In addition, the deal includes a maximum cash earn out of £1.25m, subject to meeting growth targets over the five-year period post completion.
Eddisons director Anthony Spencer said: “I am very pleased to welcome the Daniells Harrison team to Eddisons, which extends our geographical coverage across the south coast. They are a highly experienced team with a proven track record in delivering high quality professional advice. We continue to seek further opportunities for expansion across the UK.”
Ric Traynor, executive chairman, added: “The acquisition of Daniells Harrison 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. Daniells Harrison has excellent relationships with a broad range of clients which have been developed over many years and we are very much looking forward to working with them.”
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