Cowgill paid £81,000 for Jackson UK
COWGILL Holloway paid £81,500 for the Liverpool accountancy firm Jackson UK in December.
The figure is detailed in an administrators report for the firm which collapsed last year as a result of the economic downturn.
Administrators at the accountancy firm MCR said Jackson’s problems worsened when Liverpool lost its European Union objective one status which had funded many of its clients.
As TheBusinessDesk reported in January, the Cowgill deal was presented as a merger but administrators from MCR were appointed to the firm on December 1 and it was then bought by Cowgill in a pre-packaged deal on the same day.
The firm failed with debts of £480,000. Of this £85,000 was a secured loan from Alliance and Leicester which has almost been paid backed. There will be no return for HM Revenue & Customs, owed £124,000, and trade creditors owed £273,373.
Until January Jackson, which had just six staff, was known as Hurst (Liverpool) under licence from Stockport firm Hurst. Managing partner Claire Jackson set up the practice in 1998. It has now taken on the Cowgill Holloway name.
The deal has boosted the Bolton and Manchester-based Cowgill’s partner and staffing levels to 17 partners and 142 staff.
