Begbies Traynor snaps up Croft Transport for £4m

Professional services consultancy Begbies Traynor acquired Manchester-based Croft Transport Planning and Design in a £4m deal on Friday.

Begbies Traynor will make an initial consideration of £1.5m for the transport-focused outfit, with an additional contingent of up to £2.5m to be paid subject to the achievement of stretch financial targets in the five years following completion.

The AIM-listed firm will satisfy £1.25m of the initial consideration in cash, with the remainder to be raised up by way of a placement of 640,150 new ordinary shares.

Executive chairman Ric Traynor said: "The acquisition of Croft is in line with our strategy to develop our property services division, by increasing both the scope of its service offering and geographical coverage."

"Croft has excellent relationships with a broad range of clients, which have been developed by providing a consistently high quality, specialist and professional service over many years."

As of 1100 GMT, Begbies Traynor shares had picked up 1.95% to 62.60p.