Midlands advisory practice Springboard Corporate Finance has been bought by Begbies Traynor in a deal worth up to £4.5 million.

The firm, which has offices in Birmingham, Nottingham and London, specialises in mid-market corporate finance, acting across a broad range of buy and sell side private company transactions.

It now employs 13 staff and during 2017 completed 17 transactions with a total value of more than £225 million.

Existing staff will join listed Begbies Traynor on acquisition and the management team has committed to remain with the business.

In its financial year to July 2017, Springboard posted annual revenue of £2.3 million and pre-tax profits of £750,000.

The buyout will comprise an initial payment of £2.75 million followed by further payments of up to £1.75 million based on meeting certain targets and criteria.

Ric Traynor, executive chairman of Begbies Traynor Group which has an office in Temple Row, said: "I am delighted to welcome the Springboard team to the group.

"They are a highly-regarded, mid-market corporate finance practice which is complementary to our existing advisory services.

"We look forward to supporting their expansion plans and their contribution to further growing the group's revenue and profits."

Springboard partner Simon Ward added: "This investment by Begbies Traynor Group is great news for the team at Springboard, our clients and our friends in the intermediary community.

"The acquisition provides us with the resources to build our practice with greater pace and recruit high-quality individuals who can enhance our offering to both existing and prospective clients.

"With Begbies Traynor Group, we saw a management team who were fully supportive of our growth ambitions.

"We will now use that support and financial firepower to pro-actively grow our existing team, at all levels including new entry partner recruits as we look to build a significant national presence."

Law firm Weightmans in Birmingham advised Springboard on the deal.