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17 Sep 2008
Begbies has raised £13m on the stock market to boost its insolvency practice.
The recovery specialist announced the placing late last week, saying that it wanted the cash boost ahead of the expected downturn.
'The proceeds from the Placing will be used to provide working capital for the group, largely in relation to the significant anticipated organic growth of Begbies Traynor's core and counter-cyclical business insolvency practice resulting from the slowdown in the economy,' the company said in a statement.
Ric Traynor, executive chairman, said: 'We are delighted with the level of demand for Begbies Traynor's shares from a variety of blue chip institutions, both existing and new investors, and very much welcome our new shareholders. These new funds, together with existing facilities, will provide adequate resources for Begbies Traynor to capitalize fully upon an anticipated sustained period of improved new work flow in our core business insolvency practice.'
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