National firm of Chartered Surveyors Eddisons has acquired Philip Davies and Sons, one of the UK’s leading independent firms of plant, machinery and business asset valuers for an undisclosed sum.
All staff from the London, Manchester and Nottingham offices of the business will join Eddisons, increasing the headcount in its Machinery and Business Assets department to 27.
The acquisition means Eddisons will now have an auction centre in the Manchester area, servicing the North West & the Midlands, in addition to its existing facility covering Yorkshire and the North East which opened at the start of this year.
Nigel McDonald Managing Director of Eddisons said: ‘This acquisition increases our geographical footprint and means we can now provide banks and insolvency practioners with valuations and sales of assets, stock and properties on a truly national basis.
‘It is also good news for clients of Philip Davies & Sons who will benefit from our significant range of specialist property services and exposure to an enhanced auction capability.’
Peter Davies, Managing Director of Philip Davies, said: ‘I am really excited at the prospect of joining our two businesses together to provide a complete service to our combined client base. I look forward to working with the staff of both companies to make a real success of this acquisition.’
Eddisons were advised on the transaction by the Leeds offices of Lupton Fawcett and BDO and were provided with acquisition funding by Barclays Bank
Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.