Fri, 29 Sep 2023 | BUSINESS SALE
A law firm based in Bristol has been sold out of administration in a pre-pack deal. Lysander Law Limited, which was formerly a personal injury specialist, has been acquired by RHL Solicitors.
Lysander Law was incorporated in 2016 and traded profitably prior to the 2021 whiplash reforms. The reforms introduced a fixed tariff for injuries, while banning the inclusion of legal fees in claims. The company was also impacted by the COVID-19 pandemic, which led to significant delays in court cases.
The company sought to cut costs as part of its efforts to return to profitability, during which time its workforce reduced from 82 to 44. Its directors sought to financially remodel the company in order to secure additional private investment or prepare the business for a solvent sale.
However, these efforts proved unsuccessful, leading to the appointment of a team from Begbies Traynor Group, led by Rob Insall, as administrators. The administrators undertook an accelerated sale process, resulting in the pre-pack sale of the firm to RHL Solicitors.
Huw Powell of Begbies Traynor commented: “We are pleased to have been able to save such a significant number of jobs and this is a demonstration of what can be achieved if company owners seek advice in a timely manner.”
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