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East Midlands Chamber News

Begbies Traynor signs up as East Midlands Chamber’s business rescue and insolvency partner

Begbies Traynor partner Carolynn Best

Business turnaround and rescue specialist Begbies Traynor Group is the latest new patron at East Midlands Chamber.

The UK’s leading business rescue and recovery firm, which has four offices in the East Midlands, joins as the Chamber’s business rescue and insolvency partner.

With the start to 2021 shadowed by trading uncertainty due to continued lockdown restrictions, it has a major role to play in helping businesses of all sizes to stay afloat or, as a last resort, guiding them through insolvency.

Carolynn Best, partner at the firm’s Leicester office, which serves the whole region along with bases in Nottingham, Loughborough and Burton, said: “As a patron, we are offering our support to all Chamber businesses in the hope of bolstering their financial position in the face of Covid-19.

“I can’t stress enough the importance of accessing advice in the first instance of witnessing the deterioration of company finances.

“By exploring your options early, you can act in the best interests of creditors and prevent compulsory liquidation as a result of creditor action.”

Who does Begbies Tranor work with?

Founded in 1989, AIM-listed Begbies Traynor employs more than 400 people across 80-plus offices and started 2021 with its largest acquisition to date when it bought insolvency consultancy CVR Global in January.

It works with businesses ranging from independent shops to global names that are experiencing financial distress, and its East Midlands team is highly experienced in facilitating company rescues and business turnarounds.

Martin Buttriss, another partner at Begbies Traynor Leicester, added: “We provide free resources and support to local businesses across the East Midlands region, offering a helping hand and a guided approach during these unprecedented times.

Begbies Traynor partner Martin Buttriss

“Taking the step to seek help may feel overwhelming, which is why our services are confidential and we can reassure you that our advice is actionable.”

East Midlands Chamber chief executive Scott Knowles said: “We know this pandemic has had a hugely damaging impact on many businesses, through no fault of their own in many cases, but it’s important they realise there is support available to survive.

“We’re delighted to welcome Begbies Traynor, a powerhouse in the corporate rescue and recovery world, on board as a patron, and would advise any Chamber members that feel they would benefit to have a chat to the company’s East Midlands team about their financial situation.”

Begbies Traynor is offering a free confidential consultation to Chamber members. For more information, contact Carolynn Best or Martin Buttriss through its business rescue helpline on 0800 1822 367 or via email at carolynn.best@btguk.com or martin.buttriss@btguk.com.

Business recovery options according to Begbies Traynor

Whether a company is cash-redundant, asset-poor or subject to serious creditor action, Begbies Traynor says business recovery is possible by following these actions:

1. Actively track the health of your business and seek urgent advice in the event of financial downfall

2. If your business is unable to fulfil financial commitments to creditors, a company voluntary arrangement may provide a suitable solution and protect you from legal action

3. If growing tax liabilities are staggering company cash flow, a “time to pay” arrangement can help restructure HMRC payments into affordable instalments

4. If your business has exhausted rescue avenues, company liquidation options are also available.