Business recovery experts expect business to surge as UK economy deteriorates
Corporate takeover specialists Begbies Traynor and FRP Advisory expect business to surge in the coming months as the UK’s economic problems worsen.
Presenting their results on Tuesday morning, the two companies said they were well placed to boost profits as the weakening UK economy boosts demand for their services.
Ric Traynor, Executive Chairman of Begbies Traynor, said: “We expect continued growth in business recovery and financial advice, given its growing backlog, higher level of inquiries and the increasing economic headwinds.” He was speaking as the company announced a 13% increase in its adjusted pre-tax profit in the six months to October.
FRP Advisory said revenue rose 10% to £49.4m over the same period and it was “well positioned” to benefit from the “many challenges” facing UK businesses in the struggling with debt in a slowing economy.
“Uncertainties remain over how long available cash and government-backed loans can support struggling businesses and how proactive key creditors like HMRC and institutional lenders will be to settle overdue debts,” he said. said FRP chief executive Geoff Rowley.