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
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.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children