Corporate insolvencies boost puts Begbies Traynor on track to meet expectations
Corporate insolvencies rose by ten per cent in 2018, consultancy firm Begbies Traynor said in a trading update this morning, as it reported it was on track to meet full-year expectations.
The restructuring firm announced it had seen a “good flow” of insolvency appointments in the three months to the end of January this year, as the annual figure grew to 16,090 nationally last year.
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The surge of insolvencies in 2018 comes after three consecutive years of the lowest level of corporate appointments since 2004.
The firm also confirmed that it completed the acquisition of Croft Transport Planning & Design on 31 January and bought Newcastle-based insolvency practice KRE on 14 February this year.
Begbies Traynor executive chairman Ric Traynor said: “We have had a busy few months with a good third quarter performance and the completion of recent acquisitions that further develop our core businesses.
“We remain confident that we are on track to achieve our expectations for the year as a whole.”
Read more: UK company insolvencies jumped nearly 20 per cent in the last quarter
UK company insolvencies leapt 19.3 per cent in the third quarter of last year, according to the latest data from the Insolvency Service, as a total of 4,308 businesses entered insolvency between July and September.
The construction industry had the highest number of insolvencies followed by the wholesale and retail trade and the vehicle repair sector.