Wed, 22 Jan 2014 | ADMINISTRATION
Leonard Curtis has succeeded in securing buyers for the four parts of Barnetts Solicitors immediately on entering administration.
The north-west based firm appointed administrators yesterday (21 January), and swiftly completed the sale of Barnetts’ business to four buyers the same day. The deal means that all 130 jobs are retained and the 3,000 existing clients kept on.
Its conveyancing business was taken over by DC Law, and the personal injury and litigation sector was bought by SGI Legal. Simpson Millar snapped up the care home division, while the interest rate swap aspect was purchased by Seneca Banking Consultants.
Senior partner Richard Barnett said the sale represented a 'fantastic opportunity for the firm to be able to move forward to the next level'.
"The structure of the business had disparate parts, and it was therefore unlikely that we could ever have achieved one buyer for the whole," he explained.
This marks SGI Legals’ second acquisition in six months, after it bought Challinor’s work in progress in August last year. It intends to make further acquisitions in the next six months as changes made in the personal injury line last year impacts businesses in the market.
SGI Legal’s managing partner Simon Gibson said: "We’ve made no secret of our growth ambitions and have structured our firm to take advantage of developments in the personal injury sector.
"We will continue to provide positive solutions for those wishing to exit the personal injury sector whilst maximising the opportunities for SGI."
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