IN BRIEF: BTG Consulting buys asset manager Hornbeam for GBP4 million

BTG Consulting PLC - Manchester, England-based insolvency and real estate advisor - Says it has acquired property and asset manager Hornbeam CPAM Ltd for up to £4.0 million. Hornbeam will be integrated in BTG Eddisons, the real estate advisory branch of the group. The initial consideration is of £2.0 million, of which £1.65 million in cash and £350,000 through the issue of 313,059 new ordinary shares of 5 pence each. Two additional payments of £1.0 million each payable in cash are conditional to financial performance in the first two years after the acquisition and profit-enhancing financial performance conditions. BTG says the cash consideration will be met from the group's existing financial resources. Managing Director of BTG Eddisons Anthony Spencer says: "The acquisition expands our property management activities, adds complementary asset management expertise and strengthens our offering to institutional property investors."

Hornbeam's revenue for the year ended on January 31 was £1.9 million and pretax profit was of £600,000. Director of Hornbeam Sophie Hart says: "Joining BTG Eddisons will allow us to provide clients with access to a broader range of real estate expertise and a nationwide platform."

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