A Southport-based law firm has been sold immediately out of administration, preserving all 130 jobs and over 3,000 clients.
Barnetts Solicitors appointed Leonard Curtis to effect a reconstruction of the business, which had been divvied and sold to different buyers.
The Conveyance business was sold to DC Law, the PI and Litigation section was acquired by SGI Legal LLP, the Care Home division to Simpson Millar LLP and the Interest Rate Swap sector was sold to Seneca Banking Consultants.
Richard Barnett, senior partner at Barnetts Solicitors, said: “The structure of the business has disparate parts, and it was therefore unlikely that we could ever have achieved one buyer for the whole.
“It has meant therefore that the reconstruction of the business was the only way to satisfy everyone.”
Julien Irving, joint administrator from Leonard Curtis, said: “The legal sector has and continues to face significant pressure that requires legal practices to reassess their business in this challenging environment.
“We were pleased to enable a successful disposal of the business, made possible by early planning coupled with the quality of the practice and its staff.”