Listed law firm acquired in pre-pack deal
The Ince Group has been acquired out of administration by Axiom DWFM, saving almost 700 jobs.
The listed law firm collapsed into administration on April 12 after shares were suspended on January 3. It blamed the length of the auditing process placing an “increasing pressure” on its cash flow. After discussions with lenders, creditors and HMRC, Ince says a major creditor pulled its support, meaning it was placed into administration.
In a short statement on Friday afternoon, the firm said Quantuma Advisory had been appointed as administrator and implemented the pre-pack deal.
Axiom DWFM, which has offices in London, Birmingham, Bristol and Swindon, has bought the legal business and associated assets, but the new entity will be known as Ince & Co and will operate separately.
Donald Brown, chief executive of Ince & Co, said the acquisition will give “a simple and clear corporate and capital structure under professional, knowledgeable and robust ownership”.
“We are underpinned by a group of immensely talented lawyers with deep expertise in our key sectors.
“After taking over the management of the [publicly listed] group, it quickly became apparent that we needed to address a series of poorly structured and executed transactions and expansions.”