Fri, 08 Mar 2013 | ADMINISTRATION
Semple Fraser, a law firm based in Glasgow, has confirmed its intentions to enter administration.
Semple Fraser confirmed that the partners have conducted an exhaustive review of the business and come to the conclusion that it is “no longer sustainable” after almost two decades of trading. This prompted the business to assess its options and now RSM Tenon has been declared as the nominated administrator.
The administrators are expected to sell off the company's assets in a bid to realise their value and generate money for Semple Fraser's creditors.
Simon Etchells, managing partner with the law firm, commented on the decision to put the business into administration: “It is with great regret that, after having considered every possible option to secure the future of the business, it was clear that administration is the only option."
The business was formed in 1993 and has a number of specialities including construction, finance and renewables. While its headquarters are in Glasgow, the business also has offices in Edinburgh and Manchester, with a staff of 20 partners and around 100 staff spread across the three locations. Its clients included a number of big names, including Tesco. The high quality of these clients is likely to be a plus for anyone looking into the company's assets.
The firm posted revenues of £12.2 million in 2010/11, which was an increase of ten per cent of the previous year but still below its pre-recession figures. Indeed, a statement from the law firm explained that the business has been “severely affected by the downturn in the economy and the dramatic contraction in parts of the corporate, property and construction sectors in particular”.
Semple Fraser is the first major law firm in Scotland to enter administration although the sector as a whole has faced myriad difficulties since the recession.
____________________________________________________________________________
Related articles:
How to find distressed business opportunities in time
Having established numerous trademarks, Project Clover offers a broad array of internal and external home décor and associated products, such as outdoor furniture and heating; indoor and outdoor lighting; electrical fireplaces and heaters; storage an...
The company specialises in thermal insulation and trace heating solutions, installing and maintaining a wide array of insulation types, fire protection and weatherproof coverings. The business effectively works on many properties, including retail ou...
The group offers a comprehensive range of renewable energy solutions, including solar and electrical design, technical surveys, and installation services for various sectors. As an approved Lux Power installer, the business uses the latest technology...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.