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Fraud suspected as Bridge Business Recovery enters administration 5 July 2011

KPMG confirmed that Samantha Bewick and Colin Haig, were appointed joint administrators on July 1 of the two partnerships that comprise the firm.

It is understood that events leading up to the administration of Bridge have been referred to the City of London Police and the Institute of Chartered Accountants in England and Wales.

The two partnerships that comprised the firm were Bridge Business Recovery LLP and Bridge Business Recovery II LLP, which had been due to merge into one entity.

KPMG said the affairs, business and property of the partnerships are being managed by the joint administrators. KPMG has also confirmed on Bridge’s website that the administrators act as agents of the partnerships and contract without personal liability.

The existing partners at Bridge intended to purchase the business by way of a pre pack administration, but the court would not approve it on Friday July 1, therefore leading to KPMG’s appointment. understands that Grant Thornton, FRP Advisory and RSM Tenon have visited Bridge's offices in the last few days, as the administrators hold talks with a view to seeking a buyer for the whole or parts of the business including staff.

Bridge Business Recovery will continue to trade while in administration. The company had three main offices in Shaftesbury Avenue in the west end of London, Tunbridge Wells in Kent and Bedford.

James Bradney, founder of Bridge and senior partner, is no longer listed as a partner of the firm. understands that he resigned in the last week of June.



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