Insolvency specialist Begbies Traynor says it is seeing increased demand for its services in Liverpool as the COVID-19 crisis continues to wreak havoc on the economy. Tony McDonough reports

Insolvency specialist Begbies Traynor has renewed its lease at its Liverpool city centre office in ‘multi-year’ agreement.

Begbies Liverpool team occupies space at Downing’s No 1 Old Hall Street. It says its rescue and recovery services are in demand as business owners across all sectors face continued challenges in responding to the pandemic.

In its latest Red Flag survey, the firm revealed that more 8,000 firms across Merseyside are in ‘significant financial distress’, up 17% from the same time last year. It said bars and restaurants had been hit hard and estimated almost 200 gyms are on the verge of going bust.

Keith Tully, partner in the Liverpool office of Begbies Traynor, said: “This year has presented huge challenges to businesses in all sectors across our region and many business owners are facing acute financial distress and growing pressure.

“We have extended the lease on our premises at a time where many companies may be tempted to pull out because we believe it’s a practical measure to support our staff who want a blend of office life and home-working.

“It also helps our clients and professional contacts and it’s a visible symbol that confirms this is a great city to work and base your business.”

Jason Greenhalgh, partner at Begbies Traynor in Liverpool, added: “We are have already seen many businesses restructure their operations and finances and we expect to see more in the weeks and months ahead. Times are certainly challenging but company directors must tackle the issues they face and seek professional advice to explore all their options.”