Begbies enters joint venture

BEGBIES Traynor yesterday announced a joint venture with a unit of US-based firm Mesirow Financial, to become one of the world&rsquo;s largest insolvency houses.<br /><br />Begbies Traynor Group (BTG) said that the new practice, BTG Mesirow Financial Consulting, would give it access to new markets and allow it to work on complex cross-border cases.<br /><br />&ldquo;We have been seeking to raise our profile in the commercially important US market and the joint venture with Mesirow Financial Consulting will facilitate this,&rdquo; said Begbies executive chairman Ric Traynor.<br /><br />&ldquo;Together, we will work with clients on complex, cross-border engagements to develop comprehensive restructuring solutions, which can serve as a solid foundation for future success.&rdquo;<br /><br />Mesirow&rsquo;s president and executive managing director Ralph S. Tuliano said that the venture is a &ldquo;clear acknowledgement of today&rsquo;s global environment&rdquo;, in which advising clients in multiple geographies has become an everyday necessity.<br /><br />&ldquo;Through the establishment of BTG Mesirow Financial Consulting, we have access to professionals with complementary expertise and reputation worldwide,&rdquo; he said.<br /><br />Earlier in the week, Begbies said the recession was continuing to provide a steady stream of business for its insolvency arm, and that it was trading in-line with management expectations.<br /><br />&ldquo;The group&rsquo;s core business of insolvency administration, which accounts for over 80 per cent of group turnover, is continuing its good progress and is trading significantly ahead of the same period last year,&rdquo; it said.