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Top 50 accountancy firm enters administration 29 November 2011

Target Consulting Group has around 200 employees and PwC has moved quickly to complete a speedy sale of one office.

Target offers corporate finance, audit, tax and financial management services Administrators have only been appointed to the Bath, Reading and Rugby offices.

All of the accounting function is based in Bath, plus a portion of Target Financial Management Limited and the majority of Target Corporate Finance. Administrators have not been appointed to Target Accountants Limited, based in London.

Following the appointment, administrators have prepared and completed a sale of the Rugby office back to management for an undisclosed sum and are also in the process of completing on the Reading office shortly.

Partner appointed

PricewaterhouseCoopers’ Zelf Hussain and Rob Hunt were appointed joint administrators on 25 November 2011.

Speaking about the case, Hussain confirmed that due to difficulties in meeting the Group’s financial obligations, and having run out of alternative options, Target Consulting Group Limited and Target Consulting Limited have been placed into administration.

He added: "We are pleased to have completed the sale of the Rugby office. We are looking to secure the rapid sale of the business and assets of the Reading and Bath offices, and the share capital of Target Accountants Limited (London office).

"Consequently we are very keen to speak to anyone who might have an interest in acquiring all, or part, of the Group."

The Group has a total of 197 employees with 88 based in Bath, 25 based in Reading, 25 based in Rugby and 31 in Target Accountants Limited (based in London and currently not in administration) and 28 in Target Financial Management (based in all offices).

By Joe McGrath

 

 

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