Thu, 09 Aug 2012 | ADMINISTRATION
Merlin Claims has entered administration, despite the fact that just two months ago it denied it was facing troubles.
The group covers a number of different firms and the companies entering administration are Merlin Claims Services Holdings, Merlin Claims Services Finance, Merlin Commercial & Complex Claims, Merlin Claims, Merlin Liability Claims, Merlin Surveying Services and Merlin Restoration Repair Services.
BDO LLP business restructuring partners Mark Shaw and Shay Bannon are working on the administration and will be engaging the group's employees and clients to discuss the options available.
Mr Shaw told the Post: “Merlin has been affected by the on-going impact of market conditions, including an increasingly benign claims environment and an overcapacity within the loss adjusting sector.
"In recent months, Merlin has been working through plans to restructure its operations and has also been actively engaged to find an investor or purchaser of the business without success.”
Rumours that the business has been struggling have been circulating for months since the firm lost a solus loss adjusting contract with Legal & General. This was one of the firm's biggest sources of revenue and caused problems for the business despite the fact that Kevin Wood, Merlin chief technical officer, claimed that the business would still have plenty of work.
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