Lincoln accountancy firm bought out of administration by rival

A Lincoln accountancy firm has bought a rival business out of administration.

Russell Payne & Co has been bought by Dexter & Sharpe, which has offices in Boston, Bourne, Horncastle, Louth, Sleaford and Spilsby.

Senior manager at Russell Payne’s Lincoln office, David Nicholson said: “I am pleased that the team will be kept together and they can now concentrate on providing the same friendly service to exisiting and new clients. It has been a stressful time for all concerned but we are delighted to be working with a long-established firm like Dexter & Sharp.”

Russell Payne & Co called in administrators from RSM on February 17 following a winding petition presented to the Court by HMRC. The firm has a turnover of £1.1m and 25 staff – all of which will be retained.