- Begbies Traynor Group has reported the number of UK corporate insolvencies in the first quarter of 2015 was 4,014, which represents an 11.3% reduction compared to the same period of last year and is the lowest level of quarterly appointments since the final three months of 2007.

Overall UK corporate insolvency appointments for the year to 31 March 2015 (the period which most closely matches the Group's financial year) were 16,380 (2014: 18,994), representing a 14% year on year reduction.

The company says has maintained its market-leading position by number of appointments and has continued to strengthen its position through the strategy of selected bolt-on insolvency acquisitions. However, this has only partially mitigated the impact of a declining market. As a result, the Board now anticipates that the outturn for the full year will be below market expectations.

The Board has continually looked to manage the Group's cost base to reflect lower levels of overall market activity, the benefits of which have been realised incrementally during the second half of this financial year and will be fully realised in future periods.

Ric Traynor, Executive Chairman of Begbies Traynor Group plc, said: "Whilst it is disappointing to have seen a further decline in the overall insolvency market in the UK, we have maintained our market-leading position and have taken action to align our cost base to current activity levels.

"We have made good progress integrating Eddisons into the Group and we are already starting to realise the synergies that the team's expertise brings to the Group's core insolvency practice."

Story provided by