Begbies announces Channel Islands sale

Begbies Traynor Group, which has an office in Leeds, said the business is to be sold for for a maximum consideration of £250,000.

Ric Traynor, executive chairman of Begbies Traynor Group, said in a statement: “This sale represents another step forward as we focus on our two core businesses - UK insolvency and Global Risk Partners. The group retains the capacity to work on international restructuring engagements through our BTG Global Network association and the BTG Mesirow joint venture.”

The group’s global risk partners division will maintain a presence in the Channel Islands following this sale. Future international restructuring assignments will be handled through its BTG Global Network association and the BTG Mesirow joint venture.

For the six months ended October 31, 2011, the group’s offshore insolvency operations, comprising Channel Islands, Cayman Islands and Kenya, generated combined revenue of £300,000, with trading losses of £200,000.