Begbies Traynor Group plc has acquired insolvency practitioner KRE Corporate Recovery (North East) Limited, based in Newcastle upon Tyne, further strengthening the AIM listed group’s presence in the North East.

The deal sees 100 per cent of the equity of KRE (North East) Limited acquired by the group which has grown to offer a wide range of business recovery, financial advisory and property services throughout the UK.

The North East insolvency practice was founded under the KRE branding by Ian Kings in 2015 and had a five-strong team.

Following the acquisition, KRE (North East) will be incorporated into Begbies Traynor Group’s insolvency division. Ian Kings joins Begbies Traynor as a partner, bringing all of the existing staff with him to the group’s long-established Newcastle insolvency practice in Dean Street, further strengthening its operations across the North East. The group also has offices in Teesside.

Gillian Sayburn, partner who leads Begbies Traynor in Newcastle, said:  “The acquisition of such a well-regarded firm as KRE (North East) is a great opportunity to further grow our successful business recovery activities across the region. The expertise of Ian and his team are a great fit with our existing Newcastle practice and we look forward to welcoming them to the Begbies Traynor team and giving them the benefits of being part of the UK’s leading independent insolvency firm.”

Begbies Traynor has offices in Cathedral Buildings on Dean Street, Newcastle upon Tyne, and in Stockton-on-Tees.  The group currently has nine offices and employs around 100 staff in the North East, Yorkshire and the Humber.  It offers a full range of professional services including corporate recovery, investigations and risk, forensic accounting advice, property, funding, debt collection and personal insolvency.