Begbies CFO to leave for NCC

Begbies
Traynor’s CFO is set to leave in the summer for the FD job at
listed IT assurance business NCC Group.

John Gittins steps down in mid-August after three years at the insolvency
specialist.

Nick Taylor, Begbies’ group financial controller, will take the role of
acting FD until a permanent appointment is made.

Begbies also announced in a trading update that its performance for year end
30 April 2010 would be ahead of the previous year, in line with market
expectations.

Insolvency work grew significantly at the start of the year but flattened in
the second half. Its tax consulting group returned into profitability in the
second half of the year, but will generate a small loss for the financial year.

With insolvencies typically lagging behind economic recovery, Begbies expects
insolvencies to increase, but still sluggish in the short term.

“We expect to see the benefit of our organic investments in insolvency, as
well as the restructuring of our non-insolvency lines, in the current financial
year,” said executive chairman Ric Traynor.

Its share price fell 4.38% this morning to 60p.

Further reading:

Begbies
renegotiates its credit facilities

Begbies
Traynor tax division declining

140,000
companies “in severe financial distress”-Begbies Traynor