Professional services firm Begbies Traynor (BEG) has snapped up the trade and assets of Sheffield-headquartered insolvency competitor The P&A Partnership in an £860,000 all-cash deal.
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P&A had itself recently fallen into administration amid a government investigation and a £1.2m legal case brought by accountants Grant Thornton, which accused the group of charging unjustified fees. The pre-pack nature of the deal means Begbies has acquired none of P&A's debt or liabilities.
Analysts at Canaccord are forecasting adjusted pre-tax profit of £4.5m and EPS of 3.1p in 2016, up from £3.6m and 2.9p.
