Begbies Traynor Group, the business recovery, financial advisory and property services consultancy, has acquired BLC No1 Limited, which trades as Banks Long & Co, for a maximum consideration of £3m.
Banks Long & Co is a firm of chartered surveyors employing 38 staff in Lincoln and operating throughout Lincolnshire and Humberside. The business will integrate with Eddisons, the group’s property division.
The Banks Long & Co team provide commercial property agency, property management, building consultancy and valuation services to a wide range of regional clients including public and private sector organisations, which aligns with the group’s current service offering and strengthens its regional presence across Eastern England and South Yorkshire.
In its financial year ended 31 August 2022, Banks Long & Co generated revenue of £2.6m (unaudited) and normalised pre-tax profits of £0.4m (when reported on the same basis as the group). Trading is projected to at least maintain this level in the current financial year to date. It had net assets of £2.1m (including £1.4m cash) as at 31 August 2022.
Anthony Spencer, director at Eddisons, said: “I am very pleased to welcome the Banks Long & Co team to Eddisons, which extends our footprint into Lincolnshire and enhances our existing presence in Eastern England and South Yorkshire.
“The Banks Long & Co team are highly experienced with a proven track record in delivering high quality professional advice to public and private sector clients. We continue to seek further opportunities for expansion across the UK.”
Ric Traynor, executive chairman of Begbies Traynor Group plc, 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.
“Banks Long & Co has excellent relationships within its local market place offering its clients a broad range of real estate services which they have developed over many years and we are very much looking forward to working with them.”
