Begbies Traynor founder in £4m share sale ahead of role change

ONE of the founders of listed insolvency firm Begbies Traynor has sold £4m worth of shares and revealed that he plans to move to a part-time role.

Andrew Dick will leave his role as chief operating officer, and will now focus on new business development, albeit on a part-time basis.

He has sold the bulk of his holding, 4.84% in the Manchester-based company to Caledonian Investments, which was already the largest institutional investor and which now owns 15.66%.

Caledonian has paid 90p per share.

In addition his boardroom colleagues, chief executive Ric Traynor, chief financial officer John Gittins and executive  director Geoffrey Hill have bought some of his equity at the same price.

Shares rose 5.8% to 100p on the news.

Mr Dick, who in recent years has invested in bloodstock, will retain a holding of 2.07%.

Begbies Traynor said trading in the first quarter of its current financial year was “significantly” ahead of last year.

Ric Traynor, executive chairman, said:  “Andrew Dick was one of the original founders of the business and has been instrumental in its success.

“We are fortunate that he will continue to have a role within the group and to make available his expertise to colleagues, clients and intermediaries. 

“We are delighted that Caledonia, which has been seeking to increase its shareholding, has acquired the majority of Andrew’s shares, and will continue to be supportive of the group’s ambitions as our largest institutional shareholder.”