Begbies Regulatory News (BEG)

29 Sep 2006 07:00

Begbies Traynor Group PLC29 September 2006 RNS release 29 September 2006 Launch of Begbies Global Network Begbies Traynor Group plc (AIM: BEG), the UK's largest nationwide independentinsolvency, corporate rescue and recovery specialist, is increasing its overseasactivities. The directors of Begbies Traynor see strong opportunities for boosting feeincome by marketing the Group's mergers and acquisition, corporate finance andrestructuring skills to global companies that need to consolidate theiroperations into more cost-efficient and less complicated corporate structures.By way of example, the Group is carrying out a number of corporate restructuringprojects for multi-nationals, including one involving 42 operating companiesspanning 21 jurisdictions around the world. As part of its continued development of its overseas fee income stream, BegbiesTraynor will be launching today the Begbies Global Network (BGN), a newinternational network of independent professionals working to assist decliningbusinesses and their stakeholders around the world. The launch of BGN coincideswith the opening of the INSOL Europe conference in Bucharest, for which BegbiesTraynor is the main sponsor. A unique feature of BGN is that it will be multi-disciplinary. Its member firmsinclude insolvency accountants, lawyers and trustees, turnaround andrestructuring professionals, forensic accountants, asset tracing experts andcorporate financiers. Clients of BGN members will be able to access acomprehensive world-wide "one stop shop" for cost-effective, value adding, localmarket-based restructuring services. BGN is in the process of completing the recruitment of member firms in variouscountries, including most of the states in the European Union, Africa (SouthAfrica, Kenya, Tanzania, and Zambia), the US, and Asia Pacific (Australia, HongKong, Indonesia, India, Singapore, and Sri Lanka). It is seeking members who areacknowledged leaders and specialists in their market, rather than beingnecessarily the largest firms. Membership will be by invitation only followingappropriate due diligence. BGN's Executive Chairman Nick Hood, and Michael Ferber, the Executive Director,are in discussions with a number of key global and regional institutions, whichoperate in the field of restructuring and insolvency. These include INSOLInternational, INSOL Europe, the American Bankruptcy Institute and a host ofother relevant professional bodies. Collaborations between BGN and theseinstitutions will widen awareness of the benefits which can flow from workingwith experienced restructuring and insolvency professionals in an increasinglyglobal business community. Nick Hood, Executive Chairman of BGN, said: "The lack of professional capacity is a continuing constraint in emergingmarkets, where there are many opportunities and where Begbies Traynor has aparticular focus. BGN will work to develop additional capacity through trainingand education programmes and staff exchanges." Importantly, a major strength of the BGN service will be its ability tointroduce new sources of international finance to assist those local companiesthat are struggling to meet their own funding needs. This is an increasinglyimportant aspect of winning mandates for restructuring work both in developedand emerging markets. Over the last three years, the Begbies Traynor Group has actively been forgingprofessional relationships with overseas insolvency and turnaround experts. As aresult of this activity, it has been engaged on fee-earning turnaround projectsas far apart as Portugal, Tanzania and South Africa for clients as diverse asinternational banks and central governments. Ric Traynor, Executive Chairman of Begbies Traynor Group, said: "The launch today of the Begbies Global Network is another key development inthe expansion of the Begbies Traynor Group. As the Begbies Global Network grows,in the coming years we will expect to see an increasing proportion of ourturnover secured from work with an international component. Importantly, we seethis work as not just pure turnaround or insolvency, but of a much broaderscope, including raising finance, restructuring complicated company structuresor helping track assets across many continents." Enquiries, please contact: Nick Hood Neil Boom/Tanya Feness Begbies Traynor Gresham PR Ltd. + 44 (0) 207 398 3800 +44 (0) 207 404 9000 +44 (0) 7967 658 296 (mobile) Information on Begbies Traynor can be accessed via the Group's website at www.begbies-traynor.com Notes to editors: About Begbies Traynor Group plc The Group specialises in business insolvency management and is becomingincreasingly active in the area of personal insolvency. It also offers servicesin corporate rescue and investigation services and has entered the field ofcorporate finance. In November 2005, the Group entered the rapidly-expanding volume personalinsolvency market via the acquisition of W3 Debt Solutions, a firm specialisingin providing advice and practical support to individuals in debt. The Group has grown to its current network of 33 nationwide offices ranging fromScotland to the South West of England, with 350 operatives. The Companycontinues to pursue its strategy of organic development, coupled with theacquisition of specialist knowledge of both individuals and firms, to furtherincrease its market share in its core services. The Directors believe that the Group is the UK's largest independent insolvency,corporate rescue and recovery specialist with clients ranging from majorinstitutions to individuals with business difficulties. The Office Network The Group operates with 60 licensed insolvency appointment takers, some 225 feeearning staff and 65 in support and administration. The Group operates from 33locations of which 5 are regional offices, a further 18 are full offices and 10are satellites. Business Activities The core business of the Group is the formal administration of insolvenciesincluding receiverships, liquidations, administrations, company voluntaryarrangements and business- related personal insolvencies. The Group has extended its activities into arange of consultancy services including corporate rescue, credit management,forensic and investigation services and corporate finance. This information is provided by RNS The company news service from the London Stock Exchange