David Wilson, senior partner for Begbies Traynor in Yorkshire and the North East, said:
These are testing times for professional services generally, and so it is not entirely surprising to see that another major name has fallen into difficulties.
In recent years, we have seen a lot of law firms, accountancy practices and other professionals come to us having overspent on ambitious expansion plans which became unsustainable when the market turned.
Businesses with a heavy reliance on property and related businesses – as is the case with Cobbetts – have also been particularly hard hit.
As a result, there is still great pressure for further consolidation across all professional sectors so Cobbetts is unlikely to be the last firm to seek a buyer in this way.