Insolvency recovery experts Begbies Traynor has bought regional rival Broadbents Business Recovery Services.
Broadbents’ founder Dave Broadbent, who left a role at Begbies to start the business, has sold up for an undisclosed sum.
The firm’s Hartlepool office will now merge with Begbies’ Thornaby site, and both will relocate to a larger base in the coming months.
The Broadbents York team will relocate to Begbies’ offices at Clifton Moor in York, where the workforce will rise to 12, led by Rob Sadler.
Co-founder Andy Peace will continue to play a key role in the York office, supported by senior manager Ian Gostellow.
In Teesside, Jonathan Todd and Lorraine Mulgrew of Broadbents will join forces with Ian Royle who leads Begbies’s office in Thornaby.
Julian Pitts, regional managing partner for Begbies Traynor in Yorkshire and the North East, said: “We have remained close to Dave since he left Begbies Traynor to set up his own firm five years ago, and we know how well regarded he is in the North Yorkshire and Teesside business community.
“We wanted to grow our presence in York and on Teesside, and joining forces with Dave and his team will deepen our breadth of expertise and complement our own resources perfectly.”
Mr Broadbent established his business in August 2010 and it has since gone on to support a workforce of 10, including a licensed insolvency practitioner and three managers.
Mr Broadbent said: “Having built a niche practice specialising in providing quality advice to small businesses and individuals, I would like to reassure our clients that it will be very much business as usual.
“Our commitment to offering an excellent service at a competitive price will continue and the Broadbents team will have the additional benefit of working as part of a larger firm with all the depth of resource that brings.
“Having successfully undertaken a number of joint instructions in recent years where Rob and his team have assisted with cases that needed their experience, I am confident that we are the perfect fit. Rob will continue to deal with the larger, more complex cases, and we will focus on what we do best, working with smaller, owned/managed businesses and individuals.
“Begbies Traynor is the market leader here, and it makes perfect sense to team up with the colleagues I have known for almost 15 years, and who are committed to expansion and investment in the region.”
Begbies Traynor Group currently has eight offices and employs around 100 staff in Yorkshire and the North East. The group offers a full range of professional services including insolvency and corporate recovery, restructuring, investigations and risk, and forensic accounting advice.