Corporate restructuring specialists from Vantis are among the experts
pitching to advise troubled Top 50 accountancy firm
Vantis staff met with directors of Wenham Major and with officials of HBOS,
the firm’s bankers, on Tuesday.
Wenham Major Global Capital Partners said last week that joint owner and
director Ammar Azam had found ‘financial irregularities’ in the Wenham Major
Private Client subsidiary. As a result of ‘preliminary findings’, the firm plans
to ‘issue proceedings’ against John Joyce, executive chairman and founder of the
private client business.
Joyces is reported to be in hospital and is unable to be contacted.
The task facing external advisers remains unspecified. No appointment had
been made as Accountancy Age went to press. The firm’s priority is said
to be a ‘business as usual’ footing.
An HBOS spokesman said: ‘It is not appropriate for us to comment.’
A statement from Wenham Major said: ‘The accounting practice is profitable,
growing and meeting its operational and financial targets,’
The firm has grown rapidly and is 23rd in the Accountancy Age Top
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies