|
|
16 May 2008
Wenham Major the troubled Top 50 firm was set to be sold on Friday afternoon afternoon after entering administration.
Vantis corporate restructuring specialist Nick O'Reilly became the administrator on Wednesday and it is understood that a deal would be sealed before the close of play Firday.
Bentley Jennison has been involved in sale discussions but it remains unconfirmed who the front running suitor is. Sources close to the deal have suggested more than one potential buyer remains in contention.
On Monday staff at the firm were shocked to receive a letter from the firm's joint owner Ammar Azam terminating everyone's employment.
However, despite the consternation inside the firm, it is understood that staff and the administrators have continued with business as usual.
The crisis at Wenham Major emerged two weeks ago when the firm issued a letter revealing that Azam has uncovered 'financial irregularities' inside Wenham Major Private Client, an arm of the firm founded by Azam's fellow owner John Joyce. The statement also said that legal action was planned against Joyce by the firm.
Joyce has been in hospital and unavailable for comment.
You may also like
Search thousands of financial jobs:
£25000 - £80000 per annum: Pro-Finance: auditors City of London ...
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment