New MD for Simpson Millar as Fairpoint brings in administrators
Fairpoint Group, the consumer professional services company, has officially appointed administrators.
The Adlington, Lancashire company, which filed a notice of intent to bring in administrators last week, has today (Thursday) brought in Sandy Kinninmonth, Lindsey Cooper and Gareth Harris of RSM Restructuring Advisory as joint administrators.
Subsidiaries including Leeds-based law firm Simpson Millar, which has has offices in Birmingham, Bristol, Cardiff, London, Lancaster and Manchester, will continue to trade as going concerns through the dedicated funding line provided by Doorway Capital.
Fairpoint said the administration will have “no impact” on the running of these businesses, but it has hired a new managing director for the law 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 managing director Peter Watson left the company in May 2017. 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, the company 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.