Law firm agrees solvent rescue deal
CREDITORS have agreed a debt-restructuring package with law firm Linder Myers which will see it avoid administration.
The North West firm, which has an office in Shrewsbury, employs more than 300 people including 51 partners. It said it intended to appoint administrators last month after a tough period of trading.
Since then, the firm’s management team has been working with consultancies Jepson Holt and Assure Law and restructuring specialists at Duff & Phelps and its bank’s adviser EY to find a way forward.
Solihull law firm Hill Hofstetter was also involved in the deal.
While not acquiring Linder Myers, Assure Law, run by Tony Stockdale, a former managing partner of accountancy firm Bentley Jennison, is investing in the business. Stockdale will become chief executive of the firm while current managing partner Bernard Seymour will move to senior partner.
Stockdale said: “Linder Myers is not the first, nor sadly the last practice to hit difficult times within a sector being impacted by a number of changes which are placing a real squeeze on law firms.
“The team at Assure Law have worked hard with all the other parties involved to facilitate a successful outcome. The refinancing of the firm’s debts will result in a strong balance sheet and provides a stable base from which Linder Myers can focus on organic growth.”
Bernard Seymour, senior partner at Linder Myers ,said: “This is a very positive outcome for the business, its employees, our valued clients and business partners. Tony Stockdale brings significant experience and we are pleased to welcome him to Linder Myers as we look forward with confidence to the future.”
TheBusinessDesk.com revealed the involvement of Assure Law earlier this month after the breakdown of talks with Solihull law firm HCB, which was exploring a pre-pack deal.
