Wed, 21 Aug 2019 | ADMINISTRATION
Somerset-based law firm, Broomhead & Saul LLP, has been saved from insolvency in a pre-pack administration deal that will see the 124-year-old business come under the ownership of Solicitors Title LLP.
Solicitors Title LLP is a business law firm with offices in Exeter, Yeovil and Totnes. All operations and assets will transfer across to the new owner.
Founded in 1895, Broomhead & Saul LLP has offices in Taunton and Ilminster and provides a full range of legal advisory services, including: Children and Family law, Residential Property, Wills, Powers of Attorneys and Probate law with a staff of 34.
Partners Sean Bucknall and Andrew Hosking of Quantuma were appointed joint administrators to the business on 31 July 2019 and immediately completed a pre-pack sale to enable the business to continue operating.
Building on the firm’s credentials in the legal sector, the deal follows Quantuma facilitating the transfer of Blue Co London UK LLP’s (formerly Ince & Co) regulated business to Gordon Dadds LLP, creating a top 30 legal practice; overseeing the transfer of Cubism Limited to a number of acquiring firms; and advising on the sale of Roberts Jackson Limited to AWH Legal Limited.
Sean Bucknall commented: “Broomhead & Saul LLP is a well-regarded firm in the region, with a historic legacy. The business found itself in difficulties after a number of partners retired in quick succession and has faced challenges with the integration of a new operational system.
“We are delighted to have found a buyer for the firm – rescuing a longstanding local business and saving 34 jobs.”
Alan Bennett of Ashfords LLP advised the Joint Administrators in respect of the transaction. Alan commented: “We are pleased to have advised on this transaction which has resulted in the preservation of a number of jobs. It illustrates the financial difficulties many law firms are currently facing.”
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