Begbies considering acquisitions

ACCOUNTANCY group Begbies Traynor is looking at “carefully targeted” acquisitions.

At its annual meeting yesterday chairman Ric Traynor said the Manchester-based group was committed to growth.

“Having successfully reshaped the group over the last year, we remain committed to growing our cash-generative and profitable business, both organically and through carefully targeted acquisitions which enhance this core business.”

He added: “Our expectations for the year as a whole remain unchanged, with the financial outturn dependent on trading activities in our traditionally busier months of the year together with wider insolvency market activity levels, supported by the benefits of the group’s cost saving initiatives.”

He said current trading reflected the quieter summer months and the subdued market conditions, with a 12% decline in insolvencies in the second quarter, compared to the first three months.

The group continues to manage its cost base and will incur exceptional restructuring costs of £1m in the period.