Begbies Traynor
Encyclopedia
Begbies Traynor (until 1997 known as Traynor & Partners) is a firm specialising in corporate restructuring. They were formed in 1989, expanded through mergers and organic growth and were floated in 2004. The company employs over 500 people and has 45 offices around the United Kingdom
.
The company was floated on the Alternative Investment Market
in August 2004, becoming the first insolvency specialist to do so. It was initially intended that this should occur in July 2004, but was put back by a month. At this point the company had 23 offices and 240 employees.
Begbies benefited from the economic downturn caused by the credit crunch
in 2008, with business initially increasing. Ric Traynor predicted at the beginning of 2009 that shares would increase in value to around 150p, although Brewin Dolphin
stated that 140p was more likely. However, a decline in its tax business saw company profits fall short of predictions despite increased turnover in its insolvency division, and share prices fell below 100p in early 2010. Begbies' business was affected by a reduction in insolvencies following the introduction of increased government support; although profits for the 2009/10 financial year were higher than those for the previous year, they were well below expectations, and share prices fell to a low of 59.5p in June 2010. The company lost its chief financial officer
, John Gittins, to a rival firm fron August 2010.
In May 2010 Begbies Traynor renegotiated a financing deal with banks HSBC
and Yorkshire Bank
which increased its credit facility to £30 million. This allowed the company to expand further, announcing the opening of a new office in Reading
in early June 2010.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
History
The company was formed as Traynor & Partners in 1989 by Ric Traynor and Andrew Dick. It traded under this name for eight years, growing during this period to cover much of Northern England. In 1997 Traynor took over London-based firm Begbies, and was renamed Begbies Traynor.The company was floated on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
in August 2004, becoming the first insolvency specialist to do so. It was initially intended that this should occur in July 2004, but was put back by a month. At this point the company had 23 offices and 240 employees.
Begbies benefited from the economic downturn caused by the credit crunch
Credit crunch
A credit crunch is a reduction in the general availability of loans or a sudden tightening of the conditions required to obtain a loan from the banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates...
in 2008, with business initially increasing. Ric Traynor predicted at the beginning of 2009 that shares would increase in value to around 150p, although Brewin Dolphin
Brewin Dolphin
Brewin Dolphin plc is one of the largest British Investment Management and Investment Banking firms with 40 offices throughout the UK and Channel Islands, having £25 billion under management. The Company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index...
stated that 140p was more likely. However, a decline in its tax business saw company profits fall short of predictions despite increased turnover in its insolvency division, and share prices fell below 100p in early 2010. Begbies' business was affected by a reduction in insolvencies following the introduction of increased government support; although profits for the 2009/10 financial year were higher than those for the previous year, they were well below expectations, and share prices fell to a low of 59.5p in June 2010. The company lost its chief financial officer
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
, John Gittins, to a rival firm fron August 2010.
In May 2010 Begbies Traynor renegotiated a financing deal with banks HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
and Yorkshire Bank
Yorkshire Bank
Yorkshire Bank is a commercial bank in England and Wales, a division of Clydesdale Bank, which in turn is a subsidiary of National Australia Bank. It mostly operates in the North of England, especially in Yorkshire. In 2006 underlying profit rose 16.7 per cent to £454 million compared with a...
which increased its credit facility to £30 million. This allowed the company to expand further, announcing the opening of a new office in Reading
Reading, Berkshire
Reading is a large town and unitary authority area in England. It is located in the Thames Valley at the confluence of the River Thames and River Kennet, and on both the Great Western Main Line railway and the M4 motorway, some west of London....
in early June 2010.
Notable projects
The company have helped to restructure or liquidate a number of notable companies, including:- Laser BroadcastingLaser BroadcastingLaser Broadcasting was a commercial radio operator based in Darlington in County Durham, England.-History:The group was founded in 2002 by Nigel Reeve—one of the launch directors of Classic FM and one time chief executive of London News Radio owners of LBC—and Nick Jordan, a media sales executive...
- Huddersfield Town F.C.Huddersfield Town F.C.Huddersfield Town Football Club is an English football club formed in 1908 and based in Huddersfield, West Yorkshire. They currently play in League One...
- Tillingbourne Bus CompanyTillingbourne Bus CompanyTillingbourne Bus Company was a bus operating company based in Cranleigh, Surrey, England, which operated a local service from 1924 to 2001. It was founded as Tillingbourne Valley in 1924, and became a limited company in 1931, taking the name Tillingbourne Valley Services...
- Scarborough F.C.Scarborough F.C.Scarborough Football Club was an English football club based in the seaside resort of Scarborough, North Yorkshire. They were one of the oldest football clubs in England, formed in 1879, before they were wound up on 20 June 2007, with debts of £2.5 million.In the 2006–07 season...
- Wrexham F.C.
- FM RailFM RailFM Rail Limited was a railway spot-hire and charter company based at Derby, United Kingdom. The company was formed in January 2005 following the merging of spot-hire company Fragonset Railways Limited with charter train operating company Merlin Rail Limited...
- Tiger TelematicsTiger TelematicsTiger Telematics or Tiger, was a Swedish electronics company, best known for the failed Gizmondo handheld game console.-History:In 2000, Carl Freer formed Eagle Eye Scandinavian, a small electronics distribution business in Sweden...
- A.F.C. BournemouthA.F.C. BournemouthA.F.C. Bournemouth is an English football club currently playing in Football League One. The club plays at Dean Court in Kings Park, Boscombe, Bournemouth, Dorset and have been in existence since 1899....
- Southampton Leisure Holdings PLCSouthampton Leisure Holdings PLCSouthampton Leisure Holdings PLC was the parent company of Southampton Football Club Ltd and was listed on the Alternative Investment Market of the London Stock Exchange. The company was placed into administration on 2 April 2009.- Subsidiaries :...
- Northcott TheatreNorthcott TheatreThe Northcott Theatre is a theatre situated on the Streatham Campus of the University of Exeter, Exeter, Devon, England.-History:The Northcott is the seventh building in Exeter to be used as a theatre....
- Realtime WorldsRealtime WorldsRealtime Worlds Ltd was a video game developer based in Dundee, Scotland from 2002 until its closure in September 2010. Realtime Worlds was the largest independent game developer in Scotland with over 200 employees as well as a small Boulder, Colorado office....