Corporate restructuring specialist, Begbies Traynor Group, has completed its acquisition of independent firm of insolvency practitioners, CVR Global.
According to the group, the deal is worth a potential £20.8 million and will be made from its existing bank facilities.
CVR’s specialisms include restructuring, financial distress, fraud and asset recovery, business disputes, and pension covenant reviews.
The business operates from seven UK offices in London, Birmingham, Bristol, Southampton, Hove, Medway and Colchester; together with offshore offices in Gibraltar, Jersey, Cyprus and the British Virgin Islands.
This significantly boosts Begbies Traynor’s reach, enhancing its existing footprint – which includes nine offices across the Yorkshire and Humber region.
CVR’s team of 90 partners and employees will all join the group and enhance our existing strong network of offices and teams across London and the South of England.
In common with our previous insolvency acquisitions, the CVR team will operate as Begbies Traynor and BTG Advisory moving forwards.
“The acquisition of CVR significantly increases the scale and specialisms of our business recovery and financial advisory business across London and the South of England, whilst enhancing our overseas capabilities,” said Mark Fry, Head of business recovery and advisory of Begbies Traynor Group.
“The CVR team has a similar style and culture to our own and will be a highly complementary fit with our business.
“We welcome the team into the group and look forward to working with them.”
Ric Traynor, Executive Chairman of Begbies Traynor Group, added: “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.
“The group continues to consider further acquisition opportunities and organic investments in both of its divisions, in line with our stated strategy.”