BusinessBusiness RecoveryBegbies Traynor plays for more time.

Begbies Traynor plays for more time.

Begbies Traynor will not appear on the alternative investment market until the middle of this month after twice delaying its IPO.

The UK’s biggest specialist insolvency and corporate recovery practice had originally said that it would float at the end of July.

On Monday last week it suggested that a four-week delay had been agreed. But Accountancy Age has learned the flotation will not now take place until the middle of September.

A statement after the initial delay read: ‘The board has decided to defer the admission of the company to London’s AIM until after the holiday season. Although an acceptable level of demand has been secured to date, a number of key investors have asked for a longer period to allow them to reach an investment decision. Since the flotation of the company is not time critical, those requests have been accommodated.’

Unusually, the group sought to play down the significance of the funds it will raise. The maximum figure it says it is ‘prepared’ to accept is £12m.

If the offer is fully subscribed, the group said it planned to accelerate its ‘core growth objectives’ of new office openings and acquisitions.

The business recovery page returns next month. Next week: audit. For breaking finance news and to sign up for practice and business newswires, go to www.accountancyage.com

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor