Wed, 06 Sep 2023 | BUSINESS SALE
Begbies Traynor, one of the UK’s largest insolvency practitioners, has acquired Welsh recovery and insolvency practice Jones Giles & Clay. With insolvency levels high across the UK, Begbies Traynor has grown 11 per cent over the past year and is targeting expansion through strategic acquisitions and recruitment.
Jones Giles & Clay will join Manchester-headquartered Begbies Traynor’s Cardiff team, with the target company's team, including directors Sue Clay and Vaughan Jones, bringing additional insolvency expertise and increasing the Cardiff office’s capacity.
Begbies Traynor Group Executive Chairman Ric Traynor commented: “This is an important step for our practice, bringing in significant hires and increasing our capacity to work with larger clients on complex cases.”
Traynor added: “Directors, Vaughan and Susan are well respected in the local business community and by combining our teams we are creating an exciting offering for the South Wales market.”
Sue Clay said: “Begbies Traynor has established a reputation for providing a consistently high-quality offering across the UK, while retaining personal and friendly service at a local level. There has never been a more important time for businesses and individuals to have access to specialist expertise in this area, and Vaughan and I are looking forward to growing our practice with the Begbies Traynor team.”
Amid soaring demand for insolvency services, Begbies Traynor – which is reported to hold approximately an 11 per cent share of the UK administrations market – has recorded double digit annual revenue and profit growth.
The company is also forecasting further insolvencies as a result of inflation and interest rates and the ongoing effects of COVID-19 and Brexit. Earlier this year, the firm predicted that surging interest rates, combined with factors including rising labour and energy costs, would see "virtually all” of the UK’s “zombie companies” (businesses that have managed to so far avoid insolvency despite unmanageable debts) wiped out by the end of 2024.
At the time, Ric Traynor said: “Our insolvency team will benefit from their recent insolvency appointments and increased order book, together with anticipated further growth in the insolvency market.”
“We’ve seen an increase in activity for smaller companies over the last year because they tend to be the first ones that are hit when there’s a problem. We’re now moving into mid-market companies.”
Read more about rising insolvencies:
Distress set to spread to larger companies
Insolvencies on the rise at mid-sized UK SMEs
This is a thriving, well established high-street solicitor’s practice, located in a young up-and-coming South West London borough. The practice is located on a prosperous high street, a stone throw away from bars, restaurants and local amenities. The...
This practice is situated virtually in the centre of this market town which has a population of around 17,500 and is on the main line rail network which connects through Plymouth, Exeter, Taunton and Bristol to Reading and London. This is a practice...
The Practice was established by the two present Partners in 1983. The Partners wish to retire although they are prepared to discuss individually proposals to continue working for an agreed time after disposal to assist with the transfer of the goodwi...
10
|
May
|
North Yorkshire coaching inn on the market for £1.2m | COMMERCIAL PROPERTY
The General Tarleton Hotel and Restaurant, an 18th century c...
10
|
May
|
John Good Group acquires Grimsby shipping services company | BUSINESS SALE
John Good Group has acquired a shipping services provider th...
09
|
May
|
Landsec sells hotel portfolio for £400m | COMMERCIAL PROPERTY
Landsec has sold its entire hotel portfolio, comprising 21 a...
12
|
Dec
|
Begbies Traynor acquires property auctioneers at 6.5x profits | BUSINESS SALE
Begbies Traynor has continued its acquisitive growth strateg...
11
|
Dec
|
Begbies targets more acquisitions and expects insolvencies to rise further | BUSINESS NEWS
Professional services firm Begbies Traynor Group has said it...
08
|
Nov
|
Begbies Traynor acquires Bristol chartered surveyor at up to 4x profits | BUSINESS SALE
Financial services firm Begbies Traynor has acquired Bristol...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.