Law firm MD hired as owners bring in administrators
The owners of Leeds-based law firm Simpson Millar, Fairpoint Group, have officially appointed administrators and a change of leadership for the firm.
Fairpoint, which filed a notice of intent to bring in administrators last week, has brought in Sandy Kinninmonth, Lindsey Cooper and Gareth Harris of RSM Restructuring Advisory as joint administrators today.
Simpson Millar and its subsidiary companies will continue to trade as going concerns through the dedicated funding line provided by Doorway Capital.
It said the administration will have “no impact” on the running of these businesses, but have hired a new managing director for the firm in the form of Greg Cox, partner and head of dispute resolution, who is currently based in Manchester and London according to the Law Gazette. Former MD Peter Watson left the company in May 2017.
Fairpoint chief executive officer David Broadbent is leaving the board with immediate effect.
Fairpoint directors intend to continue to work with the administrators to try and preserve any remaining stakeholder value, they said.
Shore Capital and Corporate has resigned as nominated adviser and Shore Capital Stockbrokers as broker to the company. If a replacement adviser is not appointed within one month, the admission of the company’s securities will be cancelled on AIM, and Fairpoint has said it has no intention of appointing a replacement.
Lindsey Cooper, restructuring partner and one of the joint administrators, said: “We can confirm that Fairpoint Group plc has entered into an administration however the Group’s trading subsidiaries continue to trade as going concerns.
“It’s early days and we are working with our professional advisers and stakeholders to protect clients’ interests and maximise returns for creditors.”
Simpson Millar has offices in Birmingham, Bristol, Cardiff, London, Lancaster and Manchester, as well as their Leeds base on St Paul’s Street.
