Business rescue and recovery firm Begbies Traynor handled over 1,000 corporate insolvency appointments throughout 2013, more than any other practise in the UK, according to new research.
During 2013, the firm oversaw 807 liquidations and 133 company administrations; the most common kinds of formal insolvency procedures in the UK.
Ric Traynor, executive chairman of Begbies Traynor Group, said: “2013 was another difficult year for the insolvency profession, with our own research estimating that overall volumes fell by approximately 10% from 2012 levels.
“However I am pleased to report that we have maintained our market leading position, handling the largest share of corporate insolvency appointments.”
In December 2013, Begbies Traynor announced a 15.5% year-on-year fall in revenues and a 34% drop in profits before tax in its half year results to 31 October.
The firm cited “difficult market conditions” for the decrease, which was driven in part by a 10% fall in corporate work during the first three months of 2013, as it reported half year revenues of £22.3m (2012: £26.1m) and pre-tax profits of £2.1m (2012: £3.2m).
Traynor said: “In addition we are actively seeking out new acquisitions to further increase the number of cases handled by the firm.
“With 34 UK offices, we have greater coverage than any other UK specialist insolvency practice, enabling us to reinforce our local relationships with key intermediaries such as banks, accountants, lawyers and asset based lenders.”
The latest analysis of published corporate insolvency statistics for 2013 used data provided by Dun & Bradstreet –which comprised data from Companies House, the London Gazette, the Edinburgh Gazette and the Belfast Gazette – and Accountant in Bankruptcy.