- New Office & Signing of a T

RNS Number : 6827N

Begbies Traynor Group PLC

16 June 2010

 

Begbies Traynor Group plc

Expansion of the Offshore Practice

- New Office Opened in the Cayman Islands

- Signing of A Teaming Agreement In The Isle Of Man 

Begbies Traynor Group, the specialist professional services consultancy, today announces the expansion of its Offshore Practice with the opening of an office in the Cayman Islands and the establishment of a teaming agreement with an established insolvency practice in the Isle of Man.

The office in the Caymen Islands will specialise in providing insolvency and forensic services for offshore structures including funds and special investment vehicles and will both extend the Group's existing Offshore practice and the reach of Begbies Traynor's joint venture with Mesirow Financial Consulting, the US-based financial advisory business.

The teaming agreement in the Isle of Man will augment the existing Channel Islands bases in Jersey & Guernsey to create a tri-island practice which will specialise in risk mitigation with corporate restructuring and insolvency, forensic accounting and corporate intelligence services delivered to the finance industry.

The new additions will also enhance the Begbies Global Network - a global affiliation of independent firms working together to provide services to businesses and their stakeholders.

Ric Traynor, Executive Chairman of Begbies Traynor Group said:

 "These developments represent another step in our strategy to grow our insolvency and restructuring practice through both organic investment and acquisitions.   They will further enhance the Group's existing presence in the important and rapidly growing Offshore markets, giving the Group the resources and expertise to carry out complex and cross-jurisdictional work."

New Caymen Island Office

The office in Grand Caymen, Caymen Islands will be headed by Mike Saville.

Mike, Director of Begbies Traynor, said: 

"Cayman is a strategically significant jurisdiction for many offshore structures.  Our service offering, combined with similar existing services provided from our offices in London and New York will provide a truly global presence, coupled with local knowledge, to this specialist offshore investment sector. In particular we think our ability to understand and value exotic financial instruments and bridge both Cayman and the US gives us a differentiated and exceptionally strong offering."

Isle of Man Teaming Agreement

Under the teaming agreement in the Isle of Man, local insolvency practitioner Paul Shimmin of Shimmin Wilson & Co will head up the team in Douglas, working alongside Alan Roberts, Adrian Rabet and Mike Saville to contribute to the Group's tri-islands offshore practice.

Paul, Director of Begbies Traynor, said: "I am delighted that my firm can work with the offshore practice of Begbies Traynor Group at this exciting time and I look forward to further developing an already strong offering to the finance industry in the important tri-islands market."

Hogarth

Lucinda Kemeny / James White                                                                        020 7357 9477

                                                                [e-mail] / [e-mail]

About Begbies Traynor Group

Begbies Traynor Group plc is a specialist professional services consultancy providing independent professional advice and solutions to businesses, financial institutions, the accountancy professions and individuals in the areas of corporate finance, recovery, investigation, risk management, commercial finance and specialist tax advice. It is listed on AIM (Ticker: BEG).

 

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