Corporate restructuring specialist Begbies Traynor Group Plc said on Tuesday that Eddisons, its property advisory and transactional services division, was expanding its property auction business through the acquisition of Network Auctions.
Begbies Traynor said the acquisition of the property auctioneer was in line with its strategy to strengthen its service offering and market coverage, stating the addition of Network Auctions would add scale to its existing auctions business and further develop its national coverage in the south east of England.
The London-listed group will pay up to £1.0m in cash for Network Auctions, £500,000 on completion, with the balance subject to meeting revenue growth targets, payable from existing financial resources.
Anthony Spencer, managing partner of Eddisons, said: "The acquisition of the Network Auctions business expands our existing property auctions team and enhances our coverage across the south east of England. I am very pleased to welcome the team to Eddisons and to the wider Begbies Traynor Group."
As of 1015 BST, Begbies Traynor shares were up 1.13% at 111.24p.
Reporting by Iain Gilbert at Sharecast.com