TARGET CHARTERED ACCOUNTANTS has called in PwC administrators to organise the break-up and sale of the firm as part of a pre-pack administration.
Zelf Hussain and Rob Hunt were appointed joint administrators of Target Consulting Group and Target Consulting Limited, trading as Target Chartered Accountants.
The administrators have been appointed to Bath, Reading and Rugby but not the London practice, Target Accountants Limited.
Since appointment the Rugby and reading offices have been sold back to local ofice management for an undisclosed sum.
A pre-pack administration entails the whole or part of a sale arranged prior to a business entering an insolvency process and sold immediately on appointment of administrators.
Hussain, partner at PwC said: “Due to difficulties in meeting the group’s financial obligations, and having run out of alternative options, Target Consulting Group Limited and Target Consulting Limited have been placed into administration.
“We are pleased to have completed the sale of the Rugby office and we are looking to secure the rapid sale of the business and assets of the Reading and Bath offices, and the share capital of Target Accountants Limited (London office) and consequently we are very keen to speak to anyone who might have an interest in acquiring all, or part, of the group.”
The adminstrators added that the “London office is controlled by a seperate subsidiary of Target Consulting Group Limited and continues to trade solvently”.
In the last Accountancy Age Top 50 survey the firm posted fee income of £13.5m which is a 5% increase on the previous year.
There are currently 197 staff employed by the firm.
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