Insolvency Practitioners Purchase Auctioneers & Valuers
The latest news in the insolvency market this week has saw a shock buyout being announced as insolvency firm, Begbies Traynor Group Plc, announced its purchase of Yorkshire based chartered surveyors Eddisons Commercial (Holdings) Limited in a deal thought to amount to £5m but rising to £8.5m if performance targets are met.
The news broke this week alongside Begbies reporting its reduced trading performance for the first half of 2014. Therefore, the purchase goes some way to cushion the blow to its shareholders given its new affiliation with a market leading valuation firm and to have added a further specialism to its ever expanding portfolio.
The deal has certainly come as a shock to the many insolvency practitioners, who have used Eddisons valuation & auctioneer services, given that their purchasers are competitors, however we wish them all the best in the future.
Only time will tell if the purchase affects the operation of their services and whether Begbies come under criticism for potential conflicts of interest but with insolvency appointment likely to rise in the coming months, for the time being it is likely to be business as usual.