Begbies Traynor no longer occupying properties owned by chairman

Business advisory and consultancy provider Begbies Traynor Group was forced to respond to press speculation regarding its occupation of properties owned or part-owned by its chairman Ric Traynor on Tuesday.

The AIM-traded firm said it no longer occupied properties that Traynor holds an interest in.

It said the press comment related to commercial properties in Manchester and Preston used by the group, which were previously owned or part-owned by the executive chairman.

“It should be noted that the group no longer occupies any properties in which Ric Traynor has an interest,” the board said in its statement.

The company said the principal terms of the Manchester lease were disclosed in a related party transaction announcement on 27 July 2017.

In that announcement, it said it had completed a new lease of its Manchester office, disclosing that it was part owned by Ric Traynor.

"The new lease represents a related party transaction which, the independent directors consider, having consulted with its nominated advisor Canaccord Genuity, that the terms of the transaction are fair and reasonable insofar as the shareholders are concerned,” the announcement stated.

Begbies Traynor said at the time that, although it was not strictly required under the AIM rules, shareholder consent for the new lease was being sought at its subsequent annual general meeting.