Insolvency acquisition set to shake-up the sector – BDB Pitmans acts in £20.8 million deal
BDB Pitmans has successfully negotiated the sale of CVR Global LLP (CVR) to Begbies Traynor (Begbies), in a deal worth £20.8 million. The acquisition of CVR, an independent firm of insolvency practitioners and related disciplines, is the largest insolvency acquisition made by the business rescue and recovery specialists to-date.
The BDB Pitmans team, led by corporate partner Stephanie Perry, acted for the equity members of CVR.
The team of 90 partners and employees will all move over to Begbies and into its network of offices across London and the South of England. The firm specialises in restructuring, financial distress, fraud and asset recovery, business disputes, and pension covenant reviews.
Suzanne Brooker in BDB Pitmans’ restructuring and insolvency team and client partner for CVR, said:
‘Throughout any period of great economic uncertainty, business will always look to the assured presence of skilled insolvency and restructuring practitioners to ensure the highest-quality service. We are delighted to be part of a transaction that is destined to have a significant impact on the make-up of the sector.
The two teams are perfectly suited for one another, with complementary strengths across a wide array of recovery and financial advisory capacities.
This deal will unlock potential for all parts of the business to grow in kind.
We are proud to have been advisors to CVR from its inception, throughout its journey and in the completion of this transaction.’
Richard Toone, former Managing Partner of CVR, said:
‘We have worked with BDB Pitmans for numerous years, and as always, they expertly guided us through the transaction to a successful completion.
In uncertain times, to have a steady hand such as BDB Pitmans is a true benefit. We look forward to a continued relationship with the firm as we expand our footprint.’
The deal was completed on 16 January 2021. The CVR team will now operate as Begbies Traynor and BTG Advisory.