Corporate recovery specialist Begbies Traynor has acquired Nottingham-based firm SDL Property Auctions for £2.5m.
The auctioneers will be integrated with Begbies Traynor’s property advisory and transactional services division, Eddistons.
Should SDL Property Auctions maintain revenue in the 12 months following the acquisition, it may earn an extra £0.75m added onto the transaction’s value.
Begbies Traynor said the acquisition – which will see 46 members of staff join the group – will enable it to broaden its geographical coverage across the Midlands.
The group acquired Eddistons in 2014 and has since made a number of further acquisitions as it looks to increase the scale and quality of its business. In recent times, this has included the snapping up of Sheffield-based Mark Jenkinson & Son in March, and Lincoln-based Banks Long & Co. in May.
Begbies Traynor said the combined teams will be one of the largest property auctioneers by value nationally.
Anthony Spencer, managing director of Eddisons, said: “I am very pleased to welcome the SDL team to Eddisons. The acquisition significantly increases the scale of our auction business and I look forward to working with the team in the future. This is the fourth acquisition for Eddisons in 2023 and we continue to seek further opportunities for expansion across the UK.”
Ric Traynor, executive chairman of Begbies Traynor, added: “The acquisition of SDL Property Auctions 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. Our combined team will be one of the largest property auctioneers by volume nationally.
“SDL has an excellent reputation, and we are looking forward to working with the team.”