Manchester-based corporate rescue giant Begbies Traynor Group plc said on Friday it made yet another acquisition.

Begbies Traynor said it acquired Alexander Lawson Jacobs Limited (ALJ), a London-based insolvency and business recovery practice, for an initial consideration of £2.35 million and an “additional contingent consideration” of up to £4 million.

“ALJ is a well-established firm and is ranked as a top 20 UK insolvency practice (by insolvency appointments),” said Begbies Traynor.

“The team of 24 directors and employees will join the group and enhance our existing strong network of offices across London and the South-East.

“The acquisition is in line with our strategy to increase the scale and market share of our market-leading insolvency practice.

“The business has a strong recent record of financial performance; in the financial year ended 30 June 2019, ALJ reported annual revenue of £3.1 million and pre-tax profits of £0.9 million, when reported on the same basis as the group.

“It had gross assets (excluding cash) of £0.5 million as at 30 June 2019.”

Begbies Traynor said it expects that the aggregate impact of this acquisition and the recent acquisitions of Ernest Wilson and Regeneratus, together with the increase in shares in issue following a placing in July 2019, will be earnings enhancing “in the current financial year and thereafter.”