KPMG administrators arrange Cobbett's debt recovery arm sale

by Gerard Starkey, Legal Week

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14 Feb 2013

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KPMG ADMINISTRATORS AGREE sale of Cobbett's debt collection arm Incasso to Midlands firm HL Legal Solicitors. 

The Leeds-based Incasso business, which has 52 staff and operates as a separate limited liability partnership, went into administration along with Cobbetts last week ahead of DWF's pre-pack acquisition of the bulk of the firm, Accountancy Age's sister title Legal Week reports. 

Incasso was not included in DWF's takeover, which saw it take on 419 of Cobbetts' 491 staff. A 27-strong finance litigation team was also spun off to Walker Morris.

The Incasso deal will see Worcestershire-based HL, which runs its own debt recovery service, take onall of the current and prospective client business of Incasso, the 52 staff working in Incasso's Leeds offices and the fixed assets and trading style of the business.

According to HL's website, the firm currently employs over 40 people, with the acquisition more than doubling its staff numbers.

HL's head of legal services Steve Slatter said: "We are very pleased to have the opportunity to work with the clients of Incasso and we are determined to ensure that they continue to receive an excellent service from HL.

"We are making contact with all clients to discuss the business in hand and their future requirements. This transaction is very important for the further development of HL's business."

Taylor Wessing advised HL Legal Solicitors on the purchase with a team led by corporate partner Tom Cartwright and supported by technology partner Christopher Jeffery.

KPMG has been taking advice from Pinsent Masons with a team led by restructuring partner Steve Cottee.

 

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