Professional services consultancy Begbies Traynor Group has acquired Walletts Insolvency Services, a division of Walletts Chartered Certified Accountants.

The Staffordshire-based business, which was acquired for an undisclosed sum, will be integrated into Begbies Traynor’s existing insolvency operations in Stoke-on-Trent.

Ric Traynor, executive chairman of Begbies Traynor, comments: ‘Following the recent acquisitions of Hamiltons and Tomlinsons, this acquisition represents further progress in line with our long term strategy to expand the group’s core insolvency and restructuring business.’

Walletts Insolvency Services was founded in 1999 and provides financial advisory services, primarily corporate recovery and insolvency, for SMEs.

Begbies Traynor provides corporate rescue and recovery services to SME and multinational customers and has offices across the UK. In the year to April 2010, the business declared a pre-tax profit of £11 million on a turnover of £69.1 million.