LONDON: BTG Consulting plc, a financial and real estate advisory firm, announced Wednesday that it has completed the acquisition of Hornbeam CPAM Limited, a property and asset management business, in a deal worth up to £4 million.

Hornbeam will join BTG Eddisons, the group’s real estate advisory division.

Based in Milton Keynes, England, Hornbeam employs 13 staff, all of whom have moved over to BTG Consulting as part of the deal. The company provides property and asset management services to institutional investors and fund managers, with a portfolio weighted heavily toward industrial property, including multi-let industrial estates.

Most of Hornbeam’s revenue comes from contracted property management work such as rent and service charge collection, financial reporting, tenant liaison, and building maintenance and compliance. The firm also advises clients on lease renewals, rent reviews and other asset management strategies.

For the financial year ended Jan. 31, 2026, Hornbeam reported revenue of £1.9 million and normalized pre-tax profit of £0.6 million. The company had net assets of £1.3 million, including £1.1 million in net cash, as of that date. BTG Consulting said trading is expected to hold steady in the current financial year.

Under the deal’s terms, BTG Consulting will pay an initial £2 million, subject to standard cash-free, debt-free and working capital adjustments. That amount will be split between £1.65 million in cash and £0.35 million in newly issued shares — 313,059 ordinary shares at 5 pence each.

An additional earn-out of up to £2 million, payable in cash, is tied to performance conditions: £1 million depends on financial results over the first two years following the acquisition, and another £1 million is contingent on profit-enhancing performance targets.

BTG Consulting said the cash portion of the deal will come from its existing financial resources and that the acquisition is expected to be immediately earnings-enhancing.

The company has applied to the London Stock Exchange to admit the new shares to trading on AIM, with admission expected to take effect Sept. 28. Once admitted, BTG Consulting’s total shares in issue will stand at 161,800,700. Excluding 112,965 shares held in treasury, the total voting rights will be 161,687,735 — a figure shareholders can use to determine reporting obligations for changes in their holdings.

Anthony Spencer, managing director of BTG Eddisons, said the acquisition strengthens the company’s position with institutional property investors.

“Hornbeam has built a strong reputation among institutional investors and fund managers through the quality of its advice and long-standing client relationships,” Spencer said. “The acquisition expands our property management activities, adds complementary asset management expertise and strengthens our offering to institutional property investors.”