A North West law firm has entered administration with its existing work in progress (WIP) being bought by Express Solicitors.
The purchase, which covers 450 claimant PI files including some clinical negligence cases, follows the appointment of administrators from Duff & Phelps to Ashfields Solicitors Ltd, based in Cheadle.
Insolvency specialists were called into the firm, which entered a company voluntary arrangement last August, on 29 May 2015.
James Maxey (pictured left), managing partner at Express Solicitors, said: “Our team of specialist lawyers are looking forward to continuing the good work Ashfields Solicitors has started and providing a seamless and exceptional service for its clients as we take the cases through to fruition and realise the value in the WIP.
“Our strategy is to continue to grow organically on the back of our successful reputation and targeted marketing initiatives, which have so far allowed us to enjoy turnover growth over several years at 30 per cent per annum.”
The deal was made possible thanks to a £4.1m refinancing package from RBS Corporate following the Express Solicitors’ successful conversion to an alternative business structure in April 2014.
Maxey said: “We’re also actively looking to acquire other personal injury law firms as going concerns, or caseloads, and have a bespoke line of funding agreed with RBS for this purpose.
“We can move quickly in these situations as we have the resource to carry out the necessary audit of files in house. The firm covers every area of personal injury law and that coupled with our strong financial position means we can conclude deals within a matter of days; this can be essential in the personal injury market place, which is now quite rapidly consolidating.”