Administrators weigh up offers for stricken Lincoln accountancy firm

Lincoln accountancy firm Russell Payne & Co is continuing to trade while administrators try and find a buyer, TheBusinessDesk.com has been told.

Russell Payne & Co called in administrators on February 17 following a winding petition presented to the Court by HMRC. Dilip Dattani and Patrick Ellward from RSM are now looking after the day-to-day running of the firm.

Late last week RSM issued the following statement: “Russell Payne & Co, which has a turnover of £1.1m and 25 staff, continues to trade and the administrators are seeking offers by 5pm on Friday 24 February.”

That deadline has now passed, but RSM told TheBusinessDesk.com: “The administrators are currently evaluating the offers. Meanwhile the company continues to trade.”

In its latest accounts to September 30 2015, Russell Payne & Co owed nearly half a million pounds to creditors.