BusinessBusiness RecoveryBegbies’ administrators save 35 jobs at solicitor firm

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

Begbies’ administrators save 35 jobs at solicitor firm

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.

Related Articles

SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

11m Stephanie Wix, Writer
Professional services sentiment improves as 'Brexit means work'

Accounting Firms Professional services sentiment improves as 'Brexit means work'

12m Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
FRP Advisory sells Harland Machine Systems to Accraply Europe

Accounting Firms FRP Advisory sells Harland Machine Systems to Accraply Europe

1y Richard Crump, Writer
CVR Global sells DMG Steelworkers out of administration in pre-pack deal

Accounting Firms CVR Global sells DMG Steelworkers out of administration in pre-pack deal

1y Richard Crump, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
Cowgill Holloway concludes sale of film distributor Metrodome

Accounting Firms Cowgill Holloway concludes sale of film distributor Metrodome

1y Richard Crump, Writer