Garretts waves away last office

Garretts, the legal arm of accountants Andersen, will close its doors this week having secured the future of its last provincial office.

The Reading office is being taken over by London technology firm Olswang after City firm Field Fisher Waterhouse pulled out of talks earlier in the month.

Garretts senior partner Tony Williams told the Gazette that 'it is all very sad but it is going in a reasonably orderly way'.

He said he had been 'reasonably successful' in securing new positions for staff.

Mr Williams has arranged nothing for himself.

'I'll probably have a couple of weeks asleep,' he said.

The move will give Olswang a presence in the M4 corridor, and boost its numbers by eight partners and 22 fee-earners.

Olswang's London staff are now preparing to spend time in Reading when the move occurs this week.

Garretts partner John Castell said both clients and staff had been 'very positive' about the changes.

'Matters have been up in the air for around six or seven weeks, but it feels more like three years,' he said.

'We are relieved that things are sorted out, but it goes far beyond that.

To be offered a future is one thing, but to be offered a future with a top firm like Olswang takes it to a totally different level.'

Olswang chief operating officer Kevin Munslow said it had seized the opportunity following several years' consideration about branching out into the Thames Valley area, the home of the UK's IT industry.

Meanwhile, KLegal, the legal arm of Big Five accountancy firm KPMG, has snapped up Garretts partner Duncan Buchanan for its London pensions and benefits group.

Mr Buchanan said: 'I am obviously sad to be leaving Garretts but this is a really positive move for me and my team.'

And the switch earlier this month of Garretts' Birmingham office to Pinsent Curtis Biddle led to the unusual experience of Pinsents finding itself on both sides of a recapitalisation for childrenswear retailer Adams.

When the deal began, Garretts was advising Adams, while Pinsents was acting for equity investor Lloyds TSB Development Capital, which was making a 15 million investment in Adams.

The recapitalisation proceeded to completion this week after all parties agreed that there was no conflict in both sets of advisers continuing to act for their respective clients.

Eversheds advised the banks syndicate, while Wragge & Co represented Bridgepoint Capital, a major shareholder in Adams.

Paula Rohan