Begbies sells offshore arm

BEGBIES Traynor has announced that it is to sell its Channel Islands insolvency consultancy to competitor Grant Thornton for £250,000.

The Manchester-based company said that its Global Risks business would maintain a presence on the island, but that it would put future international insolvency work through its BTG Global Network Association and its BTG Mesirow joint venture.

In the six months to October 31, the group’s offshore operations – consisting of the Channel Island, Cayman Islands and Kenya, declared losses of £200,000 on revenue of £300,000.

Executive chairman Ric Traynor said the sale fitted with its strategy of concentrating on its two profitable UK businesses – the core insolvency arm and its Global Risk Partners forensic accounting division.

“This sale represents another step forward,” he said.

The company added that it was making “good progress” with the sale of its Red Flag credit rating business and its Kenyan operations.