Begbies Traynor buys Welsh insolvency advisors

Professional services consultancy Begbies Traynor is expanding its South Wales operations with the acquisition of Jones Giles & Clay, a debt advice and business insolvency practice based in Cardiff.

The purchase, which was for an undisclosed sum, is expected to "consolidate [Begbies Traynor's] position as the leading business recovery and insolvency practice in the region", the company said in a statement on Tuesday.

"This is an important step for our practice, bringing in significant hires and increasing our capacity to work with larger clients on complex cases," said Begbies Tarynor's executive chairman Ric Traynor.

Begbies already provides insolvency consultancy, in addition to financial advisory and broking services, transactional support, valuation services and a host of other financial support to businesses.

"Nationally, the Begbies Traynor Group grew by 11% in the past financial year and the South Wales team is focussed on further expanding its operations through recruitment and strategic acquisition," the company said.