Manchester-based corporate rescue giant Begbies Traynor Group plc said on Monday it acquired Leeds-based business transfer agent Ernest Wilson for up to £5.63 million.

“This long-established business, which is based in Leeds, operates across a broad range of sectors ranging from food outlets and convenience stores to care homes, restaurants and hotels,” said Begbies.

“The business has 24 employees and is led by an experienced and well-regarded management team, who will join the group.”

The acquisition is for an initial £4 million — £3 million in cash and the issue of 1,163,874 new ordinary shares.

“Under the terms of the acquisition, additional contingent consideration of up to £1.63 million will be payable in line with the achievement of financial targets in the three years following completion, with full payment only payable in the event that significant growth targets have been achieved,” said Begbies Traynor.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “The acquisition of Ernest Wilson is in line with our strategy to develop the group, by enhancing our expertise and service offering. 

“Ernest Wilson is highly complementary to our existing services and, by extending our transactional service offering, will enable us to deliver a broader range of services to support business and asset sales.

“Ernest Wilson has a long track record of delivering both excellent service to its clients and strong financial performance, which we expect to build upon as part of the broader group.”