PracticeAccounting FirmsInsolvency market continues to take its toll on Begbies Traynor

Insolvency market continues to take its toll on Begbies Traynor

Begbie says slow insolvency market remains challenging and restructuring costs expected to reach £1m

Insolvency market continues to take its toll on Begbies Traynor

BEGBIES TRAYNOR has reiterated that a slow insolvency market is continuing to take its toll on the firm.

A statement from the firm said: “Current year trading reflects the seasonality of the quieter summer months and continuing subdued market conditions, which saw a 12% decline in the number of insolvencies from the first calendar quarter of 2012 … and an 8% decline on the comparative period of 2011.

“The group continues to focus on managing its cost base, which will incur exceptional restructuring costs of £1m in the period.”

It also claimed net debt will stay around what was already announced in the final year report of £20.1m, which it claims is within banking facilities.

Begbies Traynor chairman Ric Traynor (pictured) previously said that the markets remain challenging and that he did not anticipate a substantial improvement in the near term, according to a final results statement for the year ended 30 April 2012.

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