Eversheds on-line service bought out by managers

DEBT RECOVERY: commercial business dropped after review

City firm Eversheds has shed its on-line commercial debt recovery business following an internal strategic business review.

The commercial service will remain in Nottingham, but has been bought out by its current management team and will now trade as Legal Recoveries & Collections (LR&C).

Eversheds' consumer debt recovery business for financial institutions will continue to operate as usual out of its Leeds and Cardiff offices.

The buyout sees commercial debt recovery specialist, partner Chris Radford, transferring to the firm's insolvency practice in Nottingham.

The five-strong LR&C team, made up of non-lawyers, is still working out of the Nottingham office, but is looking to move in the next month.

LR&C director Maxine Buttery said: 'The move was an Eversheds-led decision.

They carried out a review of the debt-recovery operation and decided it didn't quite fit into the core business.

'However, the transition has been quite seamless and there will be no major changes to the service for clients,' she added.

Eversheds' east midlands regional managing partner, John Sarginson, said: 'The transfer will ensure commercial debt recovery clients receive consistency and continuity in service.

It has been a pleasure working with the team and we have every confidence that the new company will meet its corporate objectives.'

LINKS: www.onlinerecoveries.com

Andrew Towler