Begbies Traynor

Begbies Traynor offices in Southampton

Begbies Traynor (LSE: BEG) (until 1997 known as Traynor & Partners) is a firm specialising in corporate restructuring. They were formed in 1989, expanded through mergers and organic growth and were floated in 2004. The company employs over 500 people and has 45 offices around the United Kingdom.[1]

History

The company was formed as Traynor & Partners in 1989 by Ric Traynor and Andrew Dick. It traded under this name for eight years, growing during this period to cover much of Northern England. In 1997 Traynor took over London-based firm Begbies, and was renamed Begbies Traynor.[2]

The company was floated on the Alternative Investment Market in August 2004, becoming the first insolvency specialist to do so. It was initially intended that this should occur in July 2004, but was put back by a month. At this point the company had 23 offices and 240 employees.[3]

Begbies benefited from the economic downturn caused by the credit crunch in 2008, with business initially increasing.[4] Ric Traynor predicted at the beginning of 2009 that shares would increase in value to around 150p, although Brewin Dolphin stated that 140p was more likely.[5] However, a decline in its tax business saw company profits fall short of predictions despite increased turnover in its insolvency division, and share prices fell below 100p in early 2010.[6] Begbies' business was affected by a reduction in insolvencies following the introduction of increased government support; although profits for the 2009/10 financial year were higher than those for the previous year, they were well below expectations, and share prices fell to a low of 59.5p in June 2010.[7] The company lost its chief financial officer, John Gittins, to a rival firm fron August 2010.[8]

In May 2010 Begbies Traynor renegotiated a financing deal with banks HSBC and Yorkshire Bank which increased its credit facility to £30 million.[9] This allowed the company to expand further, announcing the opening of a new office in Reading in early June 2010.[10]

Notable projects

The company have helped to restructure or liquidate a number of notable companies, including:

References

  1. ↑ "Begbies Traynor expands". Manchester Evening News (M.E.N. Media). 21 June 2007.
  2. ↑ Business big shot: Ric Traynor, chief executive of Begbies Traynor - Times Online
  3. ↑ Begbies Traynor puts back AIM float Accountancy magazine
  4. ↑ Begbies Traynor booms in slump - Business - Evening Standard
  5. ↑ Dawber, Alistair (22 January 2009). "Investment Column: Begbies Traynor should be in its element". The Independent (London).
  6. ↑ Begbies Traynor tax division declining - Accountancy Age
  7. ↑ "Fewer insolvencies makes for subdued time at Begbies Traynor". Manchester Evening News (M.E.N. Media). 7 June 2010.
  8. ↑ Begbies CFO to leave for NCC - Accountancy Age
  9. ↑ Begbies Traynor has £30m fund for growth - The Asian News
  10. ↑ Begbies Traynor opens Thames Valley office in Reading - Business Credit News UK
  11. ↑ Laser Broadcasting sells its radio stations
  12. ↑ Conn, David (6 May 2009). "Huddersfield's community stadium dream sours in ownership wrangle". The Guardian (London).
  13. ↑ Cranleigh bus company calls in the receivers - News - getsurrey
  14. ↑ When Saturday Comes - Scarborough unfair
  15. ↑ Daily Post North Wales - Sport News - Troubled club 'was in profit'
  16. ↑ Chambers And Partners - Editorial - Restructuring/Insolvency
  17. ↑ The firm that blew it all in two years - Times Online
  18. ↑ Bournemouth go into administration | Football League - Times Online
  19. ↑ Southampton FC owner falls into administration | Football League - Times Online
  20. ↑ Theatre rescue deal is signed | This is Exeter
  21. ↑ "Realtime Worlds games firm collapse costs 185 jobs". BBC News. 18 August 2010.
  22. ↑ "Port Vale formally enter administration". BBC Sport. 9 March 2012. Retrieved 9 March 2012.

External links