Begbies Traynor Group plc (AIM:BEG) acquired Mantra Capital for £18 million on July 25, 2022. Initial consideration of £4.5 million comprised of £4.0 million in cash from the group's existing facilities and the issue of 352,361 new ordinary shares. Potential earn out of up to an additional £13.5 million (in a mix of cash and shares) subject to delivering material growth in profits over the four years post completion. The initial cash consideration will be funded through the group's existing financial resources, which comprised net cash of £4.7 million as at the year ended 30 April 2022 and significant committed bank facilities. In its financial year ended 31 December 2021, Mantra (on a combined basis) achieved revenue of £4.2 million and normalised pre-tax profits of £1.2 million (when reported on the same basis as the group). It had net assets of £2.6 million as at 31 December 2021. Canaccord Genuity Limited acted as financial advisor to Begbies Traynor Group plc.

Begbies Traynor Group plc (AIM:BEG) completed the acquisition of Mantra Capital on July 25, 2022.