Begbies Regulatory News (BEG)

14 Oct 2005 15:15

Begbies Traynor Group PLC14 October 2005 Begbies Traynor forms association with Kavanagh Fennell Leading AIM-listed business rescue and restructuring group Begbies Traynor isexpanding its presence in the Republic of Ireland through an alliance withDublin-based insolvency specialists Kavanagh Fennell. The association will enable Begbies Traynor to offer its corporate clients amore comprehensive service in the Republic while also assisting the developmentof new business opportunities. As part of the arrangement Begbies Traynor willprovide a reciprocal service for Kavanagh in the UK. Recently introduced EU Insolvency Regulations have highlighted the need forrestructuring and business rescue firms to provide a cross-border service. Kavanagh Fennell was established in 1997. It has three partners and 22 staff,and is a leading player in the Irish corporate recovery and insolvency market.Its services include forensic accounting, as well as handling corporate recoveryand turnaround assignments. The agreement will strengthen the existing network already operated by BegbiesTraynor consisting of 29 nationwide offices ranging from Scotland to the SouthWest of England with a staff of over 300. The company offers expertise inadministrative receivership and liquidation services as well as personalinsolvency management including individual voluntary arrangements. Clientsrange from major institutions to individuals with business difficulties. Begbies Traynor is pursuing a strategy of organic development coupled with theacquisition of specialist firms and individuals to further increase its scopeand range of services. It aims to command a 10% share of the availablecorporate insolvency market by the end of 2007. Ric Traynor, Executive Chairman of Begbies Traynor, commented: "We're delighted to formalise our relationship with Kavanagh Fennell. We havepreviously worked successfully together, where our strong contacts in the UKhave been used to service their clients, while Kavanagh Fennell's excellentroots in the Irish business recovery market have proved of great value for ourcases." Tom Kavanagh, Managing Partner, Kavanagh Fennell, commented: "As the international dimension of the Irish corporate recovery and insolvencymarket has grown, our dealings with Begbies Traynor have also grown and we havebeen working together for some time on an informal basis. The announcementtoday, while mainly a formalisation of our excellent working relationship,underscores the mutual respect between our firms and the progressive nature ofour practices. It represents the meeting of minds and the focus of both BegbiesTraynor and Kavanagh Fennell on the delivery of the highest quality service toour respective and sometimes mutual clients." Enquiries, please contact: Ric Traynor Neil Boom/Rosemary AcfieldBegbies Traynor Gresham PR Ltd.0161 839 0900 020 7404 9000 Information on Begbies Traynor can be accessed via the Group's website atwww.begbies-traynor.com Regarding Kavanagh Fennell:Alan TyrrellSlattery Communications+ 353 1 661 4055 Information on Kavanagh Fennell can be accessed via the Firm's website atwww.kavanagh.ie 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 forensic investigation and has entered the field ofcorporate finance through the acquisition of MCF Corporate Finance. In addition,the Group recently acquired FDB International, an established commercialinvestigation and security agency. The Group has grown to its current network of 29 nationwide offices ranging fromScotland to the South West of England, with over 300 operatives. The Companyintends to pursue a 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. This information is provided by RNS The company news service from the London Stock Exchange