Legal firm faces administration
The Group recently announced their bank had assigned its debt to Doorway Capital who specialise in providing risk capital to law firms. Doorway went on to provide a receivables funding package of £5m to Simpson Millar, Fairpoint's wholly owned consumer legal services business.
Fairpoint Group lauded this move for enabling Simpson Millar, who are headquartered in Leeds with offices across England, and its subsidiaries to "continue to trade as going concerns and take advantage of the growth opportunity presented by the size and highly fragmented nature of the consumer legal services marketplace". Although they warned that continued support would be more difficult due to the existence of a lease that states the group must pay £1m per year for the next four years; which was the 'straw that broke the camel's back' and led to the request for the appointment of administrators.
It is anticipated that, unless financial circumstances change in accordance with statutory requirements, the board will look to appoint administrators within 10 working days.
Fairpoint acquired Simpson Millar in a deal in June 2014.
Amendment: Previously, the article incorrectly stated that Simpson Millar were going into administration. This is not the case.
Search companies in administration
Subscribe to Business Sale Report
Latest Businesses for Sale
Digital printing specialists, commercial and retail stationers, lithographic printing and various ancilliary services. Freehold retail shop and long leased factory unit. Sale price includes all equipment and properties. NP £80k...
Three Victorian houses joined together to form a luxury 8,500 sq. ft. facility. Includes reception, two lounges, four dining rooms, 16 en-suite bedrooms, music room, two kitchens, conservatory, bar, sauna, hot tub and more...
With over £60k worth of trading, the company has a very reputable name within the tourist and leisure market. Excellent potential...
View More Businesses for Sale >>
Businesses for Sale
Do you want to gain access to the latest businesses for sale as well as all UK administrations, liquidations and all winding-up petitions?
Business Sale Report is your complete solution to finding great aquisition opportunities.
10 Biggest Buyer Mistakes
Fill in your details below to get our FREE guide