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Begbies co-founder sells £4m of shares 21 September 2009

Andrew will switch to a business development role in the group's insolvency practice for personal reasons and will quit as a director at the firm's annual meeting next month.

He has also sold £4.1m of shares in Begbies Traynor. The majority of the shares have been bought by the group's largest institutional shareholder Caledonia Investments.  Andrew is also selling 250,000 shares to Begbies executive chairman Ric Traynor at 90p a share, taking Traynor's stake to 29.7 per cent; and 10,000 shares each to chief financial officer John Gittins and executive director Geoffrey Hill.

In a trading update, Begbies said its performance for the first quarter of the financial year was significantly ahead of the same period in 2008.

Shares in the AIM-listed company rose six per cent, or 5.75p, to 102.5p.

 

 

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