Leeds-based chartered suveyor Eddisons acquired by Begbies in initial £5m deal

Have your say

Insolvency specialist, Begbies Traynor has acquired Leeds-based chartered surveyor, Eddisons.

The acquisition is for an initial cash consideration of £5m, with the fee potentially rising to £8.5m depending on financial performance.

There will be no job losses or restructing at Eddisons, as a result of the acquistion.

Anthony Spencer, executive director of Eddisons, said: “We are retaining our brand identity and will operate as a discrete business within the combined Group, whilst taking advantage of the opportunities represented by being part of a significant, financially robust, national business.”

Headquartered in Leeds, Eddisons was founded in 1844 and has around 200 full-time employees.

It offers specialist services to banks, insolvency practitioners, and owners and occupiers of commercial property.

Core services offered include valuation and disposal of property, machinery and business assets; auctions and insolvency insurance brokerage.

Begbies saw a fall in revenue, as industry-wide corporate insolvency volumes fell by 16 per cent, in the six months to the end of September. For the six months to October 31 its revenue fell from £21.4m in 2013 to £20.8m. There was also a fall in pre-tax profits which went from £2.2m to £1.5m.

23 May 2018...... Ward Hadaway Fastest 50 winners in a  Facebook live debate.  Picture Tony Johnson. From left Philip Jordan of Ward Hadaway,  Shannon Harvey of Production Park, Greg Wright of The Yorkshire Post, Jonathan Simpson of Pure Retirement and Craig Such of Azzure IT

Devolution could solve region’s transport problems, Fastest 50 debate is told