Invocas sells its corporate cases to Begbies
A "few hundred" cases of administrations, bankruptcies and receiverships have transferred to Begbies Traynor's offices in Aberdeen, Dundee, Edinburgh and Glasgow following the transaction, which was completed for an undisclosed cash sum.
Five staff from Invocas' offices in Edinburgh and Glasgow have also joined the Begbies team, taking the group's total Scottish headcount to 65.
Aim-quoted Begbies Traynor saw pre-tax profits halved to 5.2 million in the year to May as a slump in demand for corporate tax advice ate into profits generated by its insolvency practice, which accounts for about 80 per cent of revenues.
Ken Pattullo, Scottish managing partner for Begbies Traynor, said: "Like many sectors, we are seeing continuing tough trading conditions, but the deal to bring the Invocas corporate portfolio into our group underlines our ongoing commitment to growing our presence and expertise."
Invocas will focus on its core businesses of providing protected trust deeds and individual voluntary arrangements for those who cannot fully repay their personal debts. The firm, founded in 1998 by John Hall and Stephen Lightley, saw its shares traded on Aim for four years before delisting in 2010.