Begbies Traynor Explained

Begbies Traynor Group plc
Type:Public
Foundation:1989
Location:340 Deansgate
Manchester, United Kingdom
Locations:75 offices
Industry:Professional services

Begbies Traynor (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 700 people and has over 100 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, founded by George Begbie, 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 from 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]

In March 2021, Begbies Traynor decided to purchase David Rubin & Partners for up to £25 million.[11] The upfront sum was £12 million, and cash earn-out payments worth up to £13 million contingent on the purchased business's financial results.[12]

Notable projects

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

External links

Notes and References

  1. News: Begbies Traynor expands. Manchester Evening News. 21 June 2007. M.E.N. Media. 15 June 2010. https://web.archive.org/web/20121112145329/http://menmedia.co.uk/manchestereveningnews/news/business/s/1009635_begbies_traynor_expands. 12 November 2012. live.
  2. Web site: Business big shot: Ric Traynor, chief executive of Begbies Traynor - Times Online . 2010-06-15 . https://web.archive.org/web/20110611212816/http://business.timesonline.co.uk/tol/business/movers_and_shakers/article6677092.ece . 2011-06-11 . live .
  3. http://www.croner.co.uk/croner/jsp/Editorial.do?channelId=-305033&contentId=810728&Failed_Reason=Session+not+found&Failed_Page=%2Fjsp%2FEditorial.do&BV_UseBVCookie=No Begbies Traynor puts back AIM float
  4. Web site: Begbies Traynor booms in slump - Business - Evening Standard . 2010-06-15 . https://web.archive.org/web/20091214102455/http://www.thisislondon.co.uk/standard-business/article-23782147-begbies-traynor-booms-in-slump.do . 2009-12-14 . dead .
  5. News: Investment Column: Begbies Traynor should be in its element. The Independent. 22 January 2009. Dawber. Alistair. London. 15 June 2010. https://web.archive.org/web/20101212031403/http://www.independent.co.uk/news/business/sharewatch/investment-column-begbies-traynor-should-be-in-its-element-1488660.html. 12 December 2010. live.
  6. Web site: Begbies Traynor tax division declining - Accountancy Age . 27 January 2010 . 2010-06-15 . https://web.archive.org/web/20100201084122/http://www.accountancyage.com/accountancyage/news/2256852/begbies-traynor-tax-division . 2010-02-01 . live .
  7. News: Fewer insolvencies makes for subdued time at Begbies Traynor. Manchester Evening News. 7 June 2010. M.E.N. Media. 15 June 2010. https://web.archive.org/web/20121112145346/http://menmedia.co.uk/manchestereveningnews/news/business/s/1242214_fewer_insolvencies_makes_for_subdued_time_at_begbies_traynor. 12 November 2012. live.
  8. https://archive.today/20130116120004/http://www.accountancyage.com/accountancyage/news/2264253/begbies-cfo-leave-ncc Begbies CFO to leave for NCC - Accountancy Age
  9. Web site: Begbies Traynor has £30m fund for growth - The Asian News . 2010-06-15 . https://web.archive.org/web/20121112145404/http://menmedia.co.uk/asiannews/news/business/s/1238670_begbies_traynor_has_30m_fund_for_growth . 2012-11-12 . live .
  10. Web site: Begbies Traynor opens Thames Valley office in Reading - Business Credit News UK . 2010-06-15 . https://web.archive.org/web/20110706144513/http://www.creditman.biz/uk/members/news-view.asp?newsviewID=11867 . 2011-07-06 . dead .
  11. Web site: Godfrey. Hannah. 12 March 2021. Begbies Traynor set for £25m acquisition in biggest deal yet. live. 23 March 2021. CityA.M.. https://web.archive.org/web/20210312100737/https://www.cityam.com/begbies-traynor-set-for-25m-acquisition-in-biggest-deal-yet/ . 2021-03-12 .
  12. Web site: Quested. Tony. 16 March 2021. Begbies Traynor raises £22m towards Rubin acquisition. live. 23 March 2021. Business Weekly. https://web.archive.org/web/20210319042822/https://www.businessweekly.co.uk/news/financial/begbies-traynor-raises-%C2%A322m-towards-rubin-acquisition . 2021-03-19 .
  13. News: Huddersfield's community stadium dream sours in ownership wrangle. The Guardian. Conn. David. London. 6 May 2009. 15 June 2010. https://web.archive.org/web/20110430101547/http://www.guardian.co.uk/global/2009/may/06/huddersfield-town. 30 April 2011. live.
  14. Web site: Cranleigh bus company calls in the receivers - News - getsurrey . 23 March 2001 . 2010-10-18 . https://web.archive.org/web/20120323003611/http://www.getsurrey.co.uk/news/s/83440_cranleigh_bus_company_calls_in_the_receivers . 2012-03-23 . live .
  15. Web site: When Saturday Comes - Scarborough unfair . 2010-06-15 . https://web.archive.org/web/20100117032210/http://www.wsc.co.uk/content/view/3774/38/ . 2010-01-17 . dead .
  16. Web site: Daily Post North Wales - Sport News - Troubled club 'was in profit' . 2019-08-06 . https://web.archive.org/web/20120314093617/http://www.dailypost.co.uk/sport-news/wrexham-fc/tm_headline%3Dtroubled-club---8216-was-in-profit--8217-%26method%3Dfull%26objectid%3D19139768%26siteid%3D50142-name_page.html . 2012-03-14 . dead .
  17. Web site: Chambers And Partners - Editorial - Restructuring/Insolvency . 2010-06-15 . https://web.archive.org/web/20120614171731/http://www.chambersandpartners.com/UK/Editorial/29810 . 2012-06-14 . dead .
  18. Web site: The firm that blew it all in two years - Times Online . 2010-06-15 . https://web.archive.org/web/20070212002831/http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article722624.ece . 2007-02-12 . live .
  19. http://www.timesonline.co.uk/tol/sport/football/football_league/article3335291.ece Bournemouth go into administration | Football League - Times Online
  20. http://www.timesonline.co.uk/tol/sport/football/football_league/article6018444.ece Southampton FC owner falls into administration | Football League - Times Online
  21. Web site: Theatre rescue deal is signed This is Exeter . 2010-06-15 . https://web.archive.org/web/20110102150537/http://www.thisisexeter.co.uk/news/Theatre-rescue-deal-signed-sealed/article-2270910-detail/article.html . 2011-01-02 . dead .
  22. News: Realtime Worlds games firm collapse costs 185 jobs. BBC News. 18 August 2010. 19 August 2010. https://web.archive.org/web/20100819041241/http://www.bbc.co.uk/news/uk-scotland-tayside-central-11010527. 19 August 2010. live.
  23. News: Port Vale formally enter administration. 9 March 2012. BBC Sport. 9 March 2012. https://web.archive.org/web/20120309142149/http://www.bbc.co.uk/sport/0/football/17230886. 9 March 2012. live.
  24. News: Crawley placed in administration. 2006-06-05. 2019-08-06. en-GB.
  25. Web site: Traynor. Begbies. 2020-07-01. Wigan Athletic Football Club in administration Begbies Traynor - The UK. 2020-12-09. Begbies Traynor. en.

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