Acquisition

23 September 2026

BTG Consulting plc

Acquisition

Expands contracted property management activity and
adds complementary asset management expertise

BTG Consulting plc, the financial and real estate advisory firm, today announces that it has completed the acquisition of Hornbeam CPAM Limited (“Hornbeam”), a property and asset management business, for a maximum potential consideration of £4.0m. Hornbeam will become part of BTG Eddisons, the group’s real estate advisory business.

Rationale for the acquisition

The group’s overall strategy is to increase the scale and quality of its businesses, both organically and through value-accretive acquisitions, thereby delivering strong, sustainable financial performance.

Our strategy in real estate advisory services is to enhance and broaden our service offerings and geographical coverage.

The acquisition is in line with this strategy, enhancing our real estate advisory offering through the expansion of our property management activities and the addition of asset management expertise. It also strengthens our position with institutional property investors and fund managers and enhances the quality and resilience of the group’s earnings through a greater contribution from contracted and recurring income streams. In addition, the acquisition provides opportunities to offer BTG Eddisons’ existing services to Hornbeam’s clients.

Business overview

Based in Milton Keynes, Hornbeam employs 13 staff, all of whom have joined the group. The business provides property and asset management services to a high-quality institutional investor and fund manager client base, including a number of long-standing relationships. Its managed portfolios have a significant weighting towards industrial property, including multi-let industrial estates.

The majority of Hornbeam’s revenue is generated from contracted property management, covering rent and service charge collection, financial reporting, tenant liaison, building maintenance and compliance. Hornbeam also provides strategic asset management advice, including lease renewals, rent reviews and the identification of opportunities to enhance property values.

In its financial year ended 31 January 2026, Hornbeam generated revenue of £1.9m and normalised pre-tax profits of £0.6m, when reported on the same basis as the group. Trading is projected to remain at a similar level in the current financial year. At 31 January 2026, Hornbeam had consolidated net assets of £1.3m (including £1.1m net cash).

Principal terms of the acquisition

The acquisition is for a maximum potential consideration of £4.0m on a cash-free and debt-free basis. The consideration is structured as follows:

• Initial consideration of £2.0m (subject to cash-free/debt-free and working capital adjustments), to be satisfied by £1.65m in cash and £0.35m through the issue of 313,059 new ordinary shares of 5 pence each in the group (“New Ordinary Shares”).
• Earn-out of up to £2.0m (payable in cash) subject to the following conditions:

-           £1.0m, subject to financial performance in the first two years post-acquisition; and

-           £1.0m, subject to profit-enhancing financial performance conditions.

The cash consideration will be met from the group’s existing financial resources. The acquisition will be immediately earnings-enhancing.

Admission and total voting rights

Application has been made to the London Stock Exchange plc for the 313,059 New Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission of the New Ordinary Shares, which will rank pari passu in all respects with the group’s existing shares in issue, is expected to become effective on 28 September 2026.

Following Admission, the total number of shares in issue will be 161,800,700. The group holds 112,965 shares in treasury and, therefore, the total number of voting rights in the group, which excludes any shares held in treasury, is 161,687,735 and this figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the company.

Anthony Spencer, Managing Director of BTG Eddisons, commented:

“I am delighted to welcome Sophie, Stuart and the Hornbeam team to BTG Eddisons. Hornbeam has built a strong reputation among institutional investors and fund managers through the quality of its advice and long-standing client relationships. The acquisition expands our property management activities, adds complementary asset management expertise and strengthens our offering to institutional property investors. I look forward to working with the team to develop the business further.”

Sophie Hart, Director of Hornbeam, commented:

“We are excited by the opportunities that joining BTG Eddisons will create for our clients and our team. We expect to be able to build on the high-quality, responsive service and advice that has underpinned our success and enabled us to develop trusted, long-term client relationships. Joining BTG Eddisons will allow us to provide clients with access to a broader range of real estate expertise and a nationwide platform.”

Ric Traynor, Executive Chairman of BTG Consulting plc, commented:

“Hornbeam is a high-quality business with an excellent institutional client base and long-standing relationships with leading property investors. The acquisition marks further progress in the delivery of our strategy to increase the scale and quality of our businesses.”

Enquiries please contact:

Information on BTG Consulting plc can be accessed via the group’s website at www.btguk.com.