Begbies Traynor have acquired Jones Giles & Clay, as it seeks to cement its position as the leading business recovery and insolvency practice in Wales.
The restructuring specialist said the deal will see the group welcome ‘four experienced team members to the Cardiff-based team, including directors Susan Clay and Vaughan Jones, who were the principals of Jones Giles & Clay and operated as licensed insolvency practitioners.’
In a statement, Begbies Traynor revealed that ‘both Susan Clay and Vaughan Jones have over 38 years’ experience in both personal and corporate insolvency with Susan Clay bringing additional personal insolvency expertise and Vaughan Jones with experience across a wide range of businesses including the charity and third sectors.’
Ric Traynor, executive chairman of Begbies Traynor said: ‘This is an important step for our practice, bringing in significant hires and increasing our capacity to work with larger clients on complex cases’
The group also revealed that nationally it grew 11 per cent in the past financial year.
Ric Traynor, executive chairman of Begbies Traynor, said: ‘This is an important step for our practice, bringing in significant hires and increasing our capacity to work with larger clients on complex cases.
‘Directors, Vaughan and Susan are well respected in the local business community and by combining our teams we are creating an exciting offering for the South Wales market.’
Begbies Traynor shares are down 2 per cent o 122p in afternoon trading on Tuesday.
Corporate insolvencies across England and Wales hit a 13-year high in 2022 as firms struggled with soaring inflation, largely caused by skyrocketing energy prices in the wake of Russia’s full-scale invasion of Ukraine.
Begbies’ appointments included high street stationery chain Paperchase and rugby union side Worcester Warriors, which was disbanded in February due to an inability to pay a £6million tax bill.
Susan Clay added: ‘Begbies Traynor has established a reputation for providing a consistently high-quality offering across the UK, while retaining personal and friendly service at a local level.
‘There has never been a more important time for businesses and individuals to have access to specialist expertise in this area, and Vaughan and I are looking forward to growing our practice with the Begbies Traynor team.’
