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February 27, 2011

PwC UK to sell local insolvency practice

PwC UK is looking for a buyer for its Gloucester and Leeds based personal insolvency practice.

The firm said the decision to sell will affect only those in the Gloucester office, which has about 35 staff.

The management team is currently working with a PwC business recovery services partners to sell the practice.

PwC said it will remain in the personal insolvency market, but will focus on delivering complex and larger cases.

“We are working with the management of the personal insolvency group to secure a good result for the team and the firm, and are looking at a number of options including a sale of the business,” PwC partner and leader of the business recovery services practice Dan Schwarzmann said.

Begbies Traynor, KPMG, Mazars and BDO, who are said to have the largest personal insolvency divisions in the UK, could all be interested in acquiring the division from PwC, according to some media reports.

 

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