Thu, 18 Jan 2018 | ADMINISTRATION
A 190-year old Bristol law practice has called in administrators after financial difficulties meant its management could no longer keep the business running successfully.
Jobs at Burroughs Day, a law firm that can trace its history back to 1829 when its founder opened a Bristol office, will be saved, however, after the business was bought through a pre-pack administration.
A deal negotiated by insolvency specialists Quantama saw Burroughs Day’s assets sold onto fellow Bristol firm Metcalfes Solicitors, with 79 jobs switching over to the buying company.
Quantama’s partner, Andrew Hosking, said: “Despite being a strong mixed-practice firm with a long history, a combination of declining turnover and a rising cost base has eroded profitability such that the current business was not viable without significant additional working capital.”
Burroughs Day also operates from a Somerset office, located in Portishead, and posted a total turnover of £4.2 million for 2016/17.
Representatives from the firm were some of the key minds behind the QualitySolicitors network, before they announced last may that they would cut ties with the group and trade as a rebranded LLP.
The new business under Metcalfes Solicitors will encompass more than 100 employees and partners, with most of the firm’s activity focusing on property law, personal injury claims, clinical negligence cases, family mediation and dispute resolution. The conjoined business will allow for ‘significant’ economies of scale and a more efficient and cost-effective service, the firm said.
Anthony Heath, Metcalfes’ managing partner, said: “We are looking forward to working with our new colleagues, and I am confident that the enlarged business can be developed into a significant law firm in the Bristol legal and business community.”
Designs, supplies, installs and maintains air conditioning systems for commercial and domestic clients. Air conditioning systems are provided by leading manufacturers including Daikin, Mitsubishi, Toshiba, Fujitsu, Panasonic and Hitachi.
LEASEHOLD
The comprehensive service offering includes structural timber work, roofing, first- and second-fix carpentry and bespoke joinery. Benefits from a network of prestigious subcontractors.
RELOCATABLE
Undertakes residential, commercial and industrial roofing projects, predominantly working with clients based across South East England. Services offered include, but are not limited to, slating and tiling, reinforced bituminous membranes, liquid coa...
LEASEHOLD
|
19
|
|
Apr
|
Peer-to-peer lending business enters administration | DIVISION SALE
Business Loan Network, a peer-to-peer lending business, has ...
|
19
|
|
Apr
|
Historic Burtonwood brewery put up for sale | COMMERCIAL PROPERTY
Molson Coors' Burtonwood Brewery has been put up for sa...
|
16
|
|
Apr
|
Owner of Cabot Circus shopping centre in sale talks | BUSINESS SALE
The owner of Cabot Circus shopping centre in Bristol has con...
Sign up to receive our acquisition alert emails to get your FREE guide
|
19
|
|
Apr
|
Historic Burtonwood brewery put up for sale | COMMERCIAL PROPERTY
Molson Coors' Burtonwood Brewery has been put up for sa...
|
19
|
|
Apr
|
Peer-to-peer lending business enters administration | DIVISION SALE
Business Loan Network, a peer-to-peer lending business, has ...
|
16
|
|
Apr
|
Adam & Co division acquired at 5x multiple | BUSINESS SALE
Canaccord Genuity Wealth Management has acquired the private...
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