CJM was established in 2000, following a management buyout completed by the current management team. The business specialises in the sale of industrial plant and machinery assets through its online platform, physical auction centre and private treaty sales. It has a national and international client base which includes large industrial clients together with private clients and local authorities.

CJM, including its 11-strong team and management, will be integrated with Begbies Traynor’s existing Eddisons property services division, operating as Eddisons CJM.

In the financial year ended 30 November 2017, CJM reported annual revenue of £1.2m and pre-tax profits of £100,000. It had gross assets of £300,000 as at 30 November 2017.

The acquisition is for an initial consideration of £250,000. Additional contingent consideration of up to £300,000 will become payable subject to the achievement of stretching financial targets for the consolidated machinery and business asset disposal business (representing the existing Eddisons business and CJM) in the three year period directly following completion. 

Ric Traynor, executive chairman of Begbies Traynor Group, said: ‘The acquisition of CJM is in line with our strategy to develop our property services division, to increase both the scope of its service offering and geographical coverage. In particular, CJM's client base is highly complementary with our existing machinery and business asset disposal activities, which are primarily focussed on the sale of assets out of insolvencies.’

Anthony Spencer, director at Eddisons, said: ‘I am very pleased to welcome the CJM team into Eddisons. The acquisition will enhance our machinery and business asset disposal expertise, complementing our existing operations. This is our third Eddisons acquisition since we joined the group as we continue to seek opportunities for further growth, both organically and by strategic acquisition.’

Report by Pat Sweet