Slump boost to Begbies profits
THE rising toll of British businesses collapsing in the recession has boosted annual profits at insolvency specialist Begbies Traynor.
Begbies said revenues in its core insolvency arm, representing 80 per cent of its business, had soared 30 per cent to £49.7million in the year to April 30 as the firm tackled an explosion in the level of companies hit by the slump. Pre-tax profit rose by 40 per cent to £9.8million.
The number of UK firms experiencing critical or significant problems in the first quarter of 2009 rose 87 per cent and 60 per cent respectively, according to the firm.