Fri, 04 Aug 2017 | ADMINISTRATION
Administration now seems inevitable for Lancashire-based firm Fairpoint Group who have filed a notice of intention to appoint administrators.
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
Residential Care Home features 39 bedrooms is up for sale. The home had average occupancy of 83.9 per cent in the year to July 2022. Offers invited.
FREEHOLD
Offering marquee hire from small to large this business services mainly the events industry, its own smaller marquee competitors and occasional work directly with individuals. They can support parties and weddings through to corporate dinners, festiv...
LEASEHOLD
Offering high quality marquees with a wide range of sizes. This offers a huge amount of flexibility which allows the company to cater for whatever customers require, from a small marquee in the back garden, to a marquee village, or perhaps catering f...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.