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
Has extensive in-house expertise and relationships with a range of specialist subcontractors. Second-tier management team in place who can run the company on the day-to-day operations. Has obtained several awards due to its superior service offering....
LEASEHOLD
Turnover of £1.7m with an adjusted EBITDA of £475k. Offers mobile and fixed communication services, as well as a comprehensive managed service portfolio to clients across Southern England.
LEASEHOLD
Offering a professional and cost-effective service, the company specialises in digital, litho print and direct mail. Services include repro/pre-press, print management, finishing, exhibition and mailing services, and media planning and buying.
LEASEHOLD
|
23
|
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
|
22
|
|
Sep
|
Macbryde Homes bought by managing director and finance partner | MBO/MBI
Welsh home construction firm Macbryde Homes has been sold to...
|
21
|
|
Sep
|
Aldo UK acquired out of administration by investment firm | BUSINESS SALE
The UK arm of shoe retailer Aldo has been acquired by Birmin...
Sign up to receive our acquisition alert emails to get your FREE guide
|
04
|
|
Dec
|
Law firm expands with new acquisition | MERGER
National firm Simpson Millar has acquired JWK Solicitors, a ...
|
19
|
|
Jun
|
Fairpoint Group completes third acquisition of 2014 | BUSINESS SALE
A Chorley-based financial services firm has completed its ac...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources