Smith Cooper acts on accountancy firm sale
MIDLANDS accountancy and advisory firm Smith Cooper has acted on the sale of fellow accountants MGC Hayles, which has been sold out of administration.
MGC Hayles, which had offices in Birmingham, Leicester and Nottingham. went into administration on July 24.
The business and assets of the Birmingham and Nottingham offices have been acquired by Seagrave French, with the Leicester office acquired by Hayles Leicester.
Dean Nelson, head of business recovery and insolvency at Smith Cooper, was appointed administrator to the firm along with fellow partner Nick Lee.
The administrators continued to trade MGC’s three offices whilst seeking a buyer.
Nelson said: “Professional services have not been immune from the difficulties faced by many other businesses during these tough economic conditions.
“The company received a winding up petition from HMRC which it was not able to satisfy and the company’s secured creditors approached us to review the position.
“We felt that continuing to trade the businesses whilst seeking a buyer would likely yield the best outcome for creditors and reflected our understanding of the quality of the work undertaken, and, the excellent client base.
“We are pleased that decision has been vindicated by these sales.”
The deal has saved 27 jobs across the Midlands.
Smith Cooper was assisted by Howes Percival Solicitors. DCH Law acted on behalf of Seagrave French and BHW Solicitors acted on behalf of Hayles Leicester.
