Begbies says fewer firms failing

A drop in companies going bust has left business recovery group Begbies Traynor facing a quiet summer, the firm said in a trading update yesterday. Begbies said insolvencies fell 12 per cent in the second quarter of the year, with 5,065 companies going under. The firm has spent £1m on its own restructuring since May, and said it will look for acquisitions to expand in profitable areas of the business to help it withstand tough trading conditions.