Thursday, February 25, 2021

Begbies Traynor completes ‘largest insolvency acquisition to date’

Corporate restructuring specialist, Begbies Traynor Group, has completed its acquisition of independent firm of insolvency practitioners, CVR Global.

According to the group, the deal is worth a potential £20.8 million and will be made from its existing bank facilities.

CVR’s specialisms include restructuring, financial distress, fraud and asset recovery, business disputes, and pension covenant reviews.

The business operates from seven UK offices in London, Birmingham, Bristol, Southampton, Hove, Medway and Colchester; together with offshore offices in Gibraltar, Jersey, Cyprus and the British Virgin Islands.

This significantly boosts Begbies Traynor’s reach, enhancing its existing footprint – which includes nine offices across the Yorkshire and Humber region.

CVR’s team of 90 partners and employees will all join the group and enhance our existing strong network of offices and teams across London and the South of England.

In common with our previous insolvency acquisitions, the CVR team will operate as Begbies Traynor and BTG Advisory moving forwards.

“The acquisition of CVR significantly increases the scale and specialisms of our business recovery and financial advisory business across London and the South of England, whilst enhancing our overseas capabilities,” said Mark Fry, Head of business recovery and advisory of Begbies Traynor Group.

“The CVR team has a similar style and culture to our own and will be a highly complementary fit with our business.

“We welcome the team into the group and look forward to working with them.”

Ric Traynor, Executive Chairman of Begbies Traynor Group, added: “The acquisition of CVR is our largest insolvency acquisition to date and is expected to be immediately earnings enhancing.

“The increase in scale and capabilities leaves the group well-positioned to increase its market share and continue to grow its business recovery and financial advisory revenues.

“The group continues to consider further acquisition opportunities and organic investments in both of its divisions, in line with our stated strategy.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Work begins on Huddersfield Blueprint project

A major Blueprint project will begin next week, as demolition work starts at Huddersfield’s Market Car Park. In order to carry out the works one...

Online courses explore storage, discharge and handling of bulk materials

The issues surrounding the safe handling and storage of bulk materials is examined during 2 on-line short courses; one looking at the difficulties encountered...

Development agreement signed for Sheffield Olympic Legacy Park masterplans

A development agreement has been signed for the 850,000 sq ft masterplan at Sheffield Olympic Legacy Park. A development agreement between Sheffield City Council and...

Brexit challenges threaten to slow Yorkshire & the Humber’s manufacturing comeback

Brexit issues are causing SME manufacturers in Yorkshire & the Humber significant disruption as they look to recover from the economic effects of COVID-19. The...

Event to explore low carbon investment in the Humber

Business leaders are being urged to join a high-profile event aimed at helping secure billions of pounds of investment to make the Humber a...

First phase of £5.5m Marrtree Business Park completes in Thirsk

Marrtree Investments has completed the first 40,000 sq ft, £3 million phase of its £5.5 million Marrtree Business Park at Thirsk. Tenants have already signed...

Related news

Work begins on Huddersfield Blueprint project

A major Blueprint project will begin next week, as demolition work starts at Huddersfield’s Market Car Park. In order to carry out the works one...

Online courses explore storage, discharge and handling of bulk materials

The issues surrounding the safe handling and storage of bulk materials is examined during 2 on-line short courses; one looking at the difficulties encountered...

Development agreement signed for Sheffield Olympic Legacy Park masterplans

A development agreement has been signed for the 850,000 sq ft masterplan at Sheffield Olympic Legacy Park. A development agreement between Sheffield City Council and...

Brexit challenges threaten to slow Yorkshire & the Humber’s manufacturing comeback

Brexit issues are causing SME manufacturers in Yorkshire & the Humber significant disruption as they look to recover from the economic effects of COVID-19. The...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close