Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Begbies Traynor
Slim pickings this morning, but Begbies Traynor LON:BEG, the insolvency specialists, have confirmed the acquisition of CVR Global. This delivers significant expansion in scale, especially in the South East of England, to a company that has seen its performance hobbled as a result of government COVID support. Whilst these moves have kept the proverbial wolves from the door for some viable businesses, they have also kept firms which would have otherwise folded, in play. CVR has offices both in the UK and overseas, whilst operating costs will fall by at least £0.75m p.a. as offices are brought together. The maximum cash consideration is £20.8m and the deal is expected to be cash generative from day 1.
Equiniti Group
Equiniti Group [LON:EQN] has this morning advised that it is in discussions to divest the direct-to-consumer Selftrade business. Negotiations are ongoing, but there’s no certainty that the deal will complete or indeed any detail as to who the potential buyer may be.
Dr Martens
It’s been a challenging 12 months for retailers, but a number of niche players have fared well. Interesting to note this morning then that Dr Martens has formally confirmed its intention to IPO, with shares expected to be admitted to the exchange early next month.
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