Serviced Office Group is to acquire Bourne Financial for up to £1.2 million.

Serviced Office Group (SVO) has agreed to acquire the office and financial services provider Bourne Financial (BF) for up to £1.2 million.

Under the terms of the deal, an initial payment of £600,000 will be followed by a performance related deferred sum of up to £600,000.

AIM-listed SVO provides serviced offices for businesses. The company currently operates 21 offices and around 3,792 workstations across London and the South East. In 2009, SVO declared a net profit of around £400,000 on a turnover of £7.1 million.

London-based BF provides office and outsourced financial support services for start-up and small financial firms. BF’s services include secretarial support and on and off site IT data backup. In 2009, the company reported an operating profit of £272,762 on a turnover of £2.6 million.

The acquisition is expected to be earnings enhancing from the third year after completion of the deal.