On 31 January Begbies Traynor issued a trading update for its third quarter, revealing that financial performance during quarter 3 had been in line with the first half year. This is great news for Begbies and a magnificent portent for the rest of our glorious profession, as almost all of NTI's clients (we pretty much deal with all firms and companies in the sector) tell us they are as flat out as a diva on a sunbed in the late winter sunshine of the Canaries.
Our great friends at Begbies finished a strong third in the league table of Administrations' jobs taken at the end of 2022 (see below), but they have a great chance of a full tilt at the number one slot as we wave goodbye to winter at the beginning of this year. In the introduction to the their third quarter trading update BT reported: "In business recovery, we continue to take an encouraging level of new insolvency appointments across all market segments; this includes higher value cases such as the on-going Administration of Paperchase. The continuing recovery of mid-market cases, which remain below pre-pandemic levels, are expected to benefit the new financial year."
Does this sound familiar? Business is full-on in insolvency and restructuring and looks like it is putting on its slippers in preparation for a long stay. In news reports this week Begbies said that the Administration of Paperchase had been a “higher-value” insolvency case that had helped to strengthen its financial performance. FRP, another of NTI's gold-plated clients, reported in a recent survey that more than 50 retail groups fear that their businesses may not survive the next 12 months because they face a sharp rise in costs when help with energy bills tails off from April. Sure; and for 'retail', also read 'pubs', and 'cafés', and 'construction companies' and 'vehicle parts manufacturers' and ... the list goes on.
Are the numbers in the Top 10 league table of Administrations at stake in 2023? Have a gander at the final placings:
1 FRP 156 filings
2 Quantuma 136 filings
3 Begbies Traynor 133 filings
4 Interpath 81 filings
5 Leonard Curtis 68 filings
6 Kroll 64 filings
7 RSM 40 filings
8 Opus 34 filings
9 Grant Thornton 32 filings
10 Teneo 26 filings
