Begbies snaps up P&A Partnership in pre-pack deal
Begbies Traynor acquires trade and assets of The P&A Partnership out of administration in a pre-pack deal worth of £860,000
INSOLVENCY specialist Begbies Traynor Group has acquired the trade and assets of The P&A Partnership out of administration in a pre-pack deal worth of £860,000.
Under the deal, 36 P&A staff will join the Begbies, including three former key directors, to combine with its existing team of 47 insolvency professionals in Yorkshire.
Based in Sheffield, P&A was founded in 1875 and has grown to become a significant regional provider of business recovery and insolvency services together with providing commercial finance broking, asset recovery, creditor and asset based lender support services.
Ric Traynor, executive chairman of Begbies, commented: “The acquisition of P&A’s team and cases further enhances our position as the UK’s leading independent insolvency practice. In particular, its strong regional presence and team will position Begbies Traynor as the leading appointment taker in Yorkshire and will bring additional strength in asset based lender and creditor services.”
Begbies has been hit by difficult trading conditions with fewer firms going into administration. In July, the firm revealed that pre-tax profits plunged £2.4m for the year to the end of April, well down on the £5.5m in the previous year. Its revenues were also down by a double-digit fall (10%) to £51m.