Begbies Traynor takes on Grant Thornton team
Ric Traynor: ‘strong position’
Begbies Traynor Group, the business recovery, financial advisory and property services consultancy, has acquired a portfolio of 503 Scottish personal insolvency cases, including a team of five fee earners, from Grant Thornton UK.
These cases comprise sequestrations, trust deeds and debt arrangement schemes.
The acquisition will increase the group’s existing operations in Scotland through an existing team of 36 partners and staff.
The new team will operate from its Glasgow and Edinburgh offices. The acquired cases will be added to the existing Scottish personal insolvency portfolio of about 1,500 cases.
The acquisition is for an initial sum of £250,000 and an additional payment of a similar sum, subject to fee income generated from the case load post completion. It will be payable from the group’s existing financial resources. The team has typically generated annual fee income of £600,000.
Ric Traynor, executive chairman of Begbies Traynor Group, said: “The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland.
“As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and through acquisitions.”