The initial sum comprises £4m in cash from the group’s existing facilities and the issue of 352,361 new ordinary shares.
The acquisition of the London-based, regulated property finance brokerage is expected to immediately enhance earnings.
- Bridging market standards, network involvement and attracting quality brokers
- Begbies Traynor Group acquires MAF Finance Group
- Begbies Traynor launches advisory practice
Following this, Mantra Capital will join with MAF Finance Group — which was acquired by Begbies Traynor last year — to form BTG Funding Solutions, a national finance brokerage with expertise across a wide range of sectors, including real estate, construction, engineering and manufacturing, haulage, healthcare, agriculture, renewables and vehicles.
Ric Traynor, executive chairman at Begbies Traynor, said: "The acquisition of Mantra is in line with our growth strategy to complement and expand our services and regional coverage, while enabling us to form a national finance business serving a wide range of sectors.
"We believe access to finance will be critical as the economy addresses its current challenges.
“BTG Funding Solutions will be a major addition to the support and advice we can provide, while enhancing our long-term organic growth prospects."
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