Begbies Traynor expansion sees shares sink

The price of shares in AIM-listed services firm Begbies Traynor (LON:BEG) dropped by 1.60% to 61.50p (as of 14:10 BST) after the company announced a new acquisition. The firm has bought Barker Storey Matthews, a regional surveyor active in the east of England, for an initial consideration of £1.6 million. Just over £1 million is payable in cash with the remainder payable in shares. Further payments of up to £1.4 million may become payable in future if performance targets are reached.

Executive chairman Ric Traynor said: “The acquisition of BSM is in line with our strategy to develop our property services division, by enhancing our expertise and geographical coverage. BSM is highly complementary in terms of its skills, and extends our reach into a new and important region. The firm has excellent relationships with a broad range of clients and a strong track record of growth and profitability“.