Begbies Traynor has continued the expansion of its property division with the acquisition of Lincoln-based firm Banks Long & Co.
The financial services giant’s property arm, Eddisons, has acquired the firm of chartered surveyors for an initial consideration of £1.5m.
Begbies Traynor said the move strengthens its regional presence across eastern England and South Yorkshire.
Banks Long & Co. recorded revenue of £2.6m and pre-tax profits of £0.4m. Begbies Traynor said that trading is projected to at least maintain this level in the current financial year to date.
Anthony Spencer, director at Eddisons, said that it was seeking “further opportunities for expansion across the UK”.
Ric Traynor, executive chairman of Begbies Traynor, said: “The acquisition of Banks Long & Co. is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage.”