Recovery specialist firm Begbies Traynor has managed to raise £13 million on the stock market in order to help its insolvency practice.
The firm announced the move at the end of last week, claiming that the cash enhancement was wanted in order to prepare the practise for an expected market downturn.
Begbies has predicted a slowdown in the overall UK economy which the firm claims will create "significant anticipated organic growth" of its insolvency practice.
Rick Traynor, executive chairman of Begbies Traynor, said he was "delighted with the level of demand" for shares in the firm.
"These new funds, together with existing facilities, will provide adequate resources for Begbies Traynor to capitalise fully upon an anticipated sustained period of improved new work flow in our core business insolvency practice," he added.
Accountancy Magazine recently reported that a study by Badenoch & Clark found that 44 per cent of UK accountants are now "less confident" about the industry that at the beginning of 2008.
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