National charity 4Children has entered into administration and appointed three Smith & Williamson employees as joint administrators.
Finbarr O’Connell and Andy McGill, both partners of the firm’s restructuring and recovery division, and Adam Stephens, director of the same division, will become the administrators.
4Children, a charity providing support to children and their families, encountered financial difficulties earlier in the year as a result of funding pressures and the loss of certain key contracts.
Since entering administration on August 31 the joint administrators have completed a number of transactions to ensure continuity in the majority of charity’s frontline services.
This includes transferring more than 60 percent of 4Childeren’s services and 750 employees to another UK charity – Action for Children.
Stephens said: “Unfortunately a relatively small number of locations, less than three, face closure and around 65 members of staff are sadly entering a redundancy process.
“The appointment as joint administrators has enabled us to give the small number of former employees, who have regrettably been made redundant, support in making claims to the National Insurance Fund.”
The charity released a statement regarding its closures and said: “Thank you to all our supporters, and the children and families who have used our services for more than 30 years.”