Insolvency specialist, Begbies Traynor Group has announced that it has completed the acquisition of CVR Global in a deal worth a potential £20.8 million.
The deal represents the largest insolvency acquisition that the Begbies Traynor Group has undertaken to date delivering a significant expansion of the group’s scale in London and the South of England and enhances the group’s existing specialisms in business recovery and financial advisory.
CVR is a leading independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines. The firm’s specialisms include restructuring, financial distress, fraud and asset recovery, business disputes, and pension covenant reviews.
The business operates from seven UK offices in London, Birmingham, Bristol, Southampton, Hove, Medway and Colchester; together with offshore offices in Gibraltar, Jersey, Cyprus and the British Virgin Islands.
The team of 90 partners and employees will all join the group and enhance our existing strong network of offices and teams across London and the South of England. In common with our previous insolvency acquisitions, the CVR team will operate as Begbies Traynor and BTG Advisory moving forwards.
Mark Fry, Head of Business Recovery and Advisory of Begbies Traynor Group said “The acquisition of CVR significantly increases the scale and specialisms of our business recovery and financial advisory business across London and the South of England, whilst enhancing our overseas capabilities. The CVR team has a similar style and culture to our own and will be a highly complementary fit with our business. We welcome the team into the group and look forward to working with them.”
Ric Traynor, Executive Chairman of Begbies Traynor Group said “The acquisition of CVR is our largest insolvency acquisition to date and is expected to be immediately earnings enhancing. The increase in scale and capabilities leaves the group well-positioned to increase its market share and continue to grow its business recovery and financial advisory revenues.”
“The group continues to consider further acquisition opportunities and organic investments in both of its divisions, in line with our stated strategy.”