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1 Oct 2015 09:04am

Begbies rescues insolvency business in pre-pack deal

Business recovery and property services group Begbies Traynor has stepped in to save Sheffield based The P&A Partnership and 36 jobs in a pre-pack deal worth £860,000

Founded in 1875, P&A is a business recovery and insolvency services firm which also offers commercial finance broking, asset recovery, creditor and asset based lender support services.

The 36 staff, who include three former key directors, will team up with Begbies’ 47-strong team of insolvency professionals in Yorkshire.

“The acquisition of P&A’s team and cases further enhances our position as the UK's leading independent insolvency practice,” said Ric Traynor, Begbies’ executive chairman.

“In particular, its strong regional presence and team will position Begbies Traynor as the leading appointment taker in Yorkshire and will bring additional strength in asset based lender and creditor services. We are very pleased to welcome the team to the group.”

The acquisition is the fourth that Begbies has undertaken in the past year. As well as two separate bolt-on insolvency practices, it also acquired national property consultants Eddisons in December last year.

Begbies saw its profits slump in the year to end April 2015, as the impact of the continuing low numbers of insolvencies across the country took its toll.

However, more recently, Traynor reported improved performance since the year end. Two weeks ago he told the agm that the group remained well placed to continue to take advantage of opportunities to develop and enhance the business both organically and through selective acquisitions.

Julia Irvine

 

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