Accountancy firm PwC has announced it is looking to offload its personal insolvency practice based in its Gloucester and Leeds offices.
Partners at the Big Four firm are currently working with the management team of both offices to find suitable buyers for its personal insolvency business.
According to various industry sources, the largest personal insolvency divisions in the UK including KPMG, Begbies Traynor, Mazars and BDO could all show an interest in acquiring the PwC division.
Dan Schwarzmann, PwC partner and head of business recovery, said: “Given the nature of high volume personal insolvency work, PwC have come to the decision that the high calibre team will have better opportunities outside of the firm.”
“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.”
He added that PwC will continue to take bankruptcy and other personal insolvency appointments, but will only work with high net worth individuals and larger complex cases in this area.