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.
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