Professional services firm Begbies Traynor has acquired Daniells Harrison as it looks to expand its geographical reach into the South East.
The Glasgow-based firm announced on Monday that it had acquired the chartered surveyors, which employs 27 people, in a deal initially worth £2m but the figure could rise to £3.25m depending on performance.
Daniells Harrison provide valuation and property consultancy services across the south coast of England from offices in Fareham, the Isle of Wight, Bournemouth and Hailsham.
The company will integrate with Eddisons who are Begbies Traynor's property advisory and transactional services division.
In the financial year ending March last year, Daniells Harrison generated revenue of £2.1m (unaudited) and normalised pre-tax profits of £0.4m.
Ric Traynor, executive chairman of Begbies Traynor Group, said:
"The acquisition of Daniells Harrison 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. Daniells Harrison has excellent relationships with a broad range of clients which have been developed over many years and we are very much looking forward to working with them."
Begbies Traynor say the acquisition is part of the company's strategy to increase the "scale and quality" of its businesses and that it will extend the geographical coverage of the company's property services division which now includes London, East of England and the South Coast.
Anthony Spencer, director at Eddisons, said group were keen on further acquisitions across the UK.
He said: "I am very pleased to welcome the Daniells Harrison team to Eddisons, which extends our geographical coverage across the South Coast. They are a highly experienced team with a proven track record in delivering high quality professional advice. We continue to seek further opportunities for expansion across the UK."