MCR sold to Duff & Phelps

CORPORATE recovery firm MCR has been bought out by New York-based restructuring firm Duff & Phelps for an undisclosed sum.

An announcement by the US firm said the deal “significantly expands Duff & Phelps’ presence in Europe”.

MCR employs around 150 people across three UK offices in Newhall Street, Birmingham, Manchester and London and will not rebrand as a result of the buyout.

The Birmingham office opened last year and is led by managing partner John Whitfield.

Its recent work includes the administrations of Hex Holdings, a £20m-turnover automotive supplier, and Staffordshire clothing company CDU, formerly Slimma.

MCR Revenues in the year to June 30 were £21m. The practice was set up 10 years ago and has 19 partners who will share in the windfall.

Noah Gottdiener, chief executive officer at Duff & Phelps, said: “For more than 10 years, MCR has maximised recovery for stakeholders in insolvent businesses by generating innovative solutions to business problems.

“Our new colleagues bring enormous credibility, strong relationships and impressive scale to a key part of the European market where Duff & Phelps has long been pursuing strategic expansion.

“Further, the MCR team will work collaboratively with Duff & Phelps’ existing team in Europe to deliver a more robust offering of technical expertise and sound advice to clients.”

Andrew Stoneman, the London-based managing partner of MCR, said: “All of us at MCR are excited about the prospect of building the business with Duff & Phelps, as this allows us to offer a more dynamic and broader range of services to our clients.

“It’s an exciting time to take advantage of the synergies between our two like-minded organisations, as restructuring advisory services are needed across the United States and Europe.

“Acting together, we are also well-positioned to assist with cross-border situations and to help clients navigate business environments that span multiple industries, geographies and regulatory systems.”