Manchester firm Linder Myers has avoided administration by completing a deal which will see the firm refinance its debts and appoint a chief executive to lead the practice.
The deal sees the chairman of legal consultancy Assure Law, Tony Stockdale, appointed as chief executive, with managing partner Bernard Seymour taking on the role of senior partner.
The agreement secures Linder Myers’ future across its offices in Manchester, Chester, Lancashire and Shropshire. It has 51 partners and 260 staff and in February filed a notice of intention to appoint administrators.
Mr Seymour 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.
“We would also like to thank RBS for its support as we have negotiated the refinance of debt and agreed deal terms with Assure Law and other stakeholders…
“We are delighted that Assure Law and RBS have enabled us to create a foundation for a successful future with the support of a number of other key advisors and business partners particularly Ernst & Young and Jepson Holt, who played pivotal roles throughout the process.”
Mr Stockdale added: “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 has worked hard with all the other parties involved to reach 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.”
Advisors on the deal included Ernst & Young, Duff & Phelps, Pinsent Mason, Hill Hofstetter (advising Assure Law) and Addleshaw Goddard (advising Ernst & Young and RBS).