Mon, 11 Jul 2011 | BUSINESS SALE
KPMG is to orchestrate the sale of insolvency firm Bridge Business Recovery, after they were called in as administrators of the firm last week following the discovery of "significant irregularities".
Partners at Bridge, which operates from offices in London, Bedford and Tunbridge Wells, had been attempting to structure a pre-pack administration last week. KPMG's joint administrators Colin Haig and Samantha Bewick said it hit a snag, however, when they discovered the irregularities.
After seeking the advice of KPMG, the courts stepped in and appointed the financial advisory firm as the company's administrators.
Mr Haig explained that the pre-pack had the backing of independent restructuring professionals and the company's largest creditor, until the unforeseen discovery. He said, "Unfortunately, the administration has been triggered by unforeseen and very difficult circumstances. The focus for the administrators will now be on seeking a sale of the business."
Rob Horton, one of the Bridge partners who had been attempting the restructuring said one of his fellow partners had been let go from the firm as a result of the financial discoveries. "James Bradney, partner at Bridge Business Recovery, has now left the business," he said. "The remaining partners are now working closely with the joint administrators."
A local legal firm, Peters & Peters, confirmed that they had received instructions to act "on behalf of James Bradney".
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