BusinessCompany NewsFlotation nets ‘delighted’ Begbies £5m

Flotation nets 'delighted' Begbies £5m

Begbies Traynor has floated on the Alternative Investment Market today (Friday), raising £5.38m before expenses.

link: Begbies Traynor flotation date revealed

The UK’s biggest specialist insolvency and corporate recovery practice said it was ‘delighted’ with the result, despite having previously announced it expected to net up to £12m.

Market Capitalisation following the placing, at 40p per share, was put at £26m. By the middle of the day stocks were trading at 45p.

Ric Traynor, executive chairman, said: ‘We believe that our new status as the only publicly quoted insolvency and corporate rescue specialist will enhance our profile and help open the door to higher-value assignments.’

The flotation was originally pencilled in for July, but was rescheduled three times in order to accommodate the needs of key investors.

Traynor, who has a majority 55% stake in the company, is expected to net £14.3m.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor