Begbies' administrators save 35 jobs at solicitor firm
Administrators from Begbies Traynor manage to save 35 jobs at Eastleys Solicitors in a pre-pack sale
Administrators from Begbies Traynor manage to save 35 jobs at Eastleys Solicitors in a pre-pack sale
BEGBIES TRAYNOR ADMINISTRATORS have managed to save regional solicitor firm Eastleys Solicitors through a pre-pack sale.
Anthony Fanshawe and Francis Savage were appointed on 3 August when the firm ran into financial difficulties.
The administrators managed to sell the solicitor firm to limited liability company Recompense, which will save the entire workforce consisting of 33 employees and two partners.
Eastleys Solicitors, which has offices in Paignton and Brixham, had a turnover of about £1.2m in 2011 and specialises in private client work as well as property conveyancing and commercial litigation.
Fanshawe said: “While the business had run into financial difficulties, we wanted to ensure we secured the jobs of staff and put arrangements in place to enable what is a long-standing practice to continue to undertake its work.
“A sale-out of administration was the best solution for the business and for those working within the firm.”
A pre-pack sale is where a business is marketed prior to entering an insolvency process and sold immediately after administrators’ appointment. However, some institutes that regulate practitioners determine a pre-pack is any sale of a collapsed company that takes place within 7 days of it entering administration.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourcePixel Projects Limited (Pixel) has been sold by SFP, which has saved the positions of all 34 employees Read More...
View articleThe second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from...
View articleSteve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies Read Mo...
View articleBegbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restora...
View articleSmith & Williamson has been appointed administrators of charity 4Children Read More...
View articleCowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following...
View articleFRP Advisory sells business and assets of Harland Machine Systems Limited to Accraply Europe Limited Read More...
View articleManufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global Read More...
View article