Begbies Traynor, the London-listed insolvency firm, has bought the assets of its regional rival P&A Partnership out of administration.
P&A is subject to a criminal investigation after allegations that it wrongfully overcharged creditors for administration work, The Times understands.
Begbies, which claims to be Britain’s most active insolvency practitioner, acquired the trading and assets of the 140-year-old P&A for £860,000.
The Sheffield offices of P&A were raided twice by police andbusiness department officials last year after concerns about the company’s fees. The business department is understood to be examining P&A’s relationship with other professional services groups. There is no suggestion that Begbies forms part of this inquiry.
The deal will entail 36 P&A staff, including three directors, joining Begbies. It is understood that Begbies believes