PracticeAccounting FirmsChairman buys out ailing Titcheners

Chairman buys out ailing Titcheners

Roy Ashton relaunches debt-ridden Titcheners

The chairman of firm Titcheners, which entered administration, has bought out
the business.

The firm went into administration last November, owing more than £2m to the
taxman and £1m to HSBC, according to documents filed at
Companies
House
.

Roy Ashton and another former director of the firm have bought out the
business, and will pay back a “significant proportion of the debts owed by the
former entity.

“It’s to the benefit of the majority of creditors,” Ashton told
Accountancy Age.

The business had struggled when its acquisition strategy brought in firms
that had problems that could not have been revealed during the due diligence
process, said Ashton.

“I’ve learned to be less trusting,” he added.

The two-director business will still run across three offices: Bicester;
Emsworth; and Wokingham.

Ashton said that the firm, which had been resized last year prior to entering
into insolvency, should hit £1.5m annual fees. The firm had turned over £4m+
annually.

“We’re rebuilding again from a more solid base,” said Ashton.

Further reading:

Titcheners
enters administration over tax debt

Lessons
to be learned from Titcheners’ collapse

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

3d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

4w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin