Begbies Traynor
Background Summary
The firm was founded in 1989 by Ric Traynor and Andrew Dick, and originally traded under the name Traynor and Partners. In 1997, the firm took over Begbies, a London-based firm and became Begbies Traynor.
The group quickly established itself as an independent business recovery specialist and became a trusted adviser to banks, independent accountancy practices, law firms, as well as directors and shareholders of independent and quoted businesses.
The firm offers a variety of services, including restructuring, closures and accounting.
Restructuring – The firm offers Company Voluntary Arrangement (CVA) which typically last for around three to five years and must be overseen throughout the duration by a licensed insolvency practitioner. Company administration places a company into administration and gives them time, space, and also legal protection while a route forward is plotted.
Corporate simplification and streamlining aims to identify non-performing areas of a company to ensure it is operating as efficiently and effectively as possible. Financing and refinancing options provides a lump sum of cash, or an alternative channel of commercial finance such as invoice factoring or discounting which gives a company access to the money tied up in unpaid invoices.
Closure – Closure options for insolvent companies can be entered into either voluntarily by the company’s directors, or else it can be forced into liquidation by order of the courts. In some cases, a company is forced into liquidation, most often through non-payment of money that it owes to creditors or HMRC. This is known as compulsory liquidation.
Accounting – Within this service, the firm offers advice on accounting, corporate finance, acquisition advisory and fundraising, forensic accounting, forensic technology, security risk and investigations.
In March 2021, the firm announced its acquisition of David Rubin and Partners Limited, marking the largest acquisition the group had undertaken to date. The company has offices in London and Guernsey and a team of 72 partners and staff, all of which joined the group following the acquisition.
Begbies Traynor employs 1,051 professionals across the UK, of which 80 are partners, as of 30 July 2023. The firm operates from a network of more than 90 offices.
The firm is led by Ric Traynor, the founder and executive chairman. He is helped by Jason Ainge, insolvency director; Nick Taylor, group finance director; and non-executive directors Graham McInnes and Mark Stupples.
Financials
Begbies Traynor reported an annual turnover of £121.8m for the period ended 30 July 2023, which shows an 11% year-on-year rise since the previous financial year.