Professional Services recovery experts at Quantuma have saved 79 jobs after completing a sale of the Bristol firm’s business and assets immediately following administration.
Andrew Hosking and Sean Bucknall of corporate recovery and business advisory specialists Quantuma were appointed administrators to law firm Burroughs Day LLP on Tuesday 16 January 2018.
In addition to the Bristol office, Burroughs Day have a north Somerset office based in Portishead.
Quantuma 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.”
Latest figures show a turnover of £4.2 million to year end 31 April 2017.
Andrew Hosking and director Sean Bucknall have negotiated the sale of Burroughs Day’s business and assets to Bristol-based law firm Metcalfes Solicitors LLP which ensures the protection of client interests and continuity of legal services to all existing clients.
Andrew Hosking said: “We have been able to affect an orderly transfer of the business to Metcalfes Solicitors and the ongoing protection of legal services to all clients.”
National law firm Ashfords LLP have fielded their specialist regulatory team, led by partner Sam Palmer, and are providing the Administrators with regulatory guidance and support so as to ensure that clients’ interests continue to be protected. Samantha Palmer and Crispin Jones have been appointed as the Joint Solicitor Managers so as to oversee the safe transfer of client files and client monies.
Sam Palmer commented “We are pleased to be able to confirm that all client protections are in place and all client monies are safely being transferred with client instructions to the newly merged firm so as to ensure that all client interests continue to be protected”.
Pinsent Masons advised the Joint Administrators in respect of the transaction. Steven Cottee said: “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 facing particularly at this time of year with partners’ tax payments due at the end of January.”
Burroughs Day can trace its roots back to 1829 when Benjamin G. Burroughs practised law at 1 The Mall, Clifton, Bristol.
Quantuma is recognised as one of the country’s leading specialist in handling insolvencies in the legal sector.
In January last year, Andrew Hosking and Sean Bucknall were also appointed Joint Administrators to King & Wood Mallesons LLP and Quantuma has also handled recent formal law firm appointments in the last six months including LA Law, Gregsons Solicitors, Sovereign Solicitors and Almonds Solicitors.
Notes to Editors
Quantuma LLP is a leading corporate recovery and business advisory practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Bristol, Manchester and Birmingham.
Ashfords LLP is a national provider of legal, regulatory and professional services.