The firm was founded in 1989 by Ric Traynor and Andrew Dick and originally traded under the name Traynor & 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 recently announced in March 2021 that it had acquired David Rubin & 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.
It also builds on the recent acquisition of CVR Global LLP, which resulted in a significant increase in the scale of the group’s business recovery and financial advisory business, especially in the key London market.
Begbies Traynor’s 400-strong team are based around the UK via an extensive network of more than 90 offices.
The firm is run buy Ric Traynor, founder and executive chairman, Jason Ainge, insolvency director, Nick Taylor, group finance director, John Baird, director, Graham McInnes, non-executive director and Mark Stupples, non-executive director.
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 3-5 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 the firm’s recent trading update for the six months ended 31 October 2020, profit before tax dropped to £500,000 from £1.9m in 2019 amid the impact of Covid-19. However, revenue grew 11% to £37.5m from £33.8m the previous year reflecting the first-time the group has seen contributions from the prior year’s acquisitions.
The firm recently announced that it had acquired MAF Finance Group (MAF) for a total consideration of £11.75m.
MAF is a firm of finance brokers, operating nationally from a head office in the Midlands with a team of 46 employees, including two directors, who will all join the group.
Ric Traynor, executive chairman of Begbies Traynor Group plc, said at the time: “The acquisition of MAF is in line with our growth strategy and complements our existing, and expands the range of, our service lines.
“As companies seek to bounce back from the pandemic, access to finance will be critical and going forward the MAF team will prove invaluable in increasing the support and advice we can provide to UK businesses.”