Gamble of the week: underperforming insolvency practitioner

Given the near-perfect economic conditions, it's puzzling how badly this insolvency specialist's stock has performed over the past 12 months, says Paul Hill.

Take a stroll down any British high street and the chances are that one in eight shops will be boarded up or vacant. That's due to the current economic malaise, which has already claimed many high-profile victims, such as MFI, Woolworths and music chain Zavvi.

Indeed, as a consequence of the meltdown in discretionary spending, many debt-laden firms are struggling to stay afloat, with a record 30,000 businesses expected to go into administration this year. It's not surprising then that "activity levels" at Begbies Traynor, the UK's leading independent insolvency and restructuring specialist (80% of sales), are strong.

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Paul gained a degree in electrical engineering and went on to qualify as a chartered management accountant. He has extensive corporate finance and investment experience and is a member of the Securities Institute.

Over the past 16 years Paul has held top-level financial management and M&A roles for blue-chip companies such as O2, GKN and Unilever. He is now director of his own capital investment and consultancy firm, PMH Capital Limited.

Paul is an expert at analysing companies in new, fast-growing markets, and is an extremely shrewd stock-picker.