Troubled north-west firm Linder Myers has sealed a deal to refinance its debts, saving 300 jobs.
The deal, claimed to be the first of its kind in the legal sector, sees Tony Stockdale, chair of specialist legal business adviser Assure Law, become chief executive of Linder Myers. The firm’s current managing partner, Bernard Seymour (pictured), takes on the role of senior partner.
Stockdale is a former managing partner of national accountancy firm Bentley Jennison.
No details of the refinancing and future strategy were disclosed, but Seymour said: ‘This is a very positive outcome for the firm, its employees, our clients and business partners. Tony Stockdale brings significant experience to Linder Myers and we can look forward to the future with confidence.’
Advisers on the deal included Ernst & Young restructuring partner Tom Jack, who said: ‘The refinancing of Linder Myers represents a very positive result for the firm and its clients, staff and creditors and ensures it is now well placed to begin a new phase in its long history.
‘This innovative refinancing solution has avoided administration and intervention by the Solicitors Regulation Authority, whilst preserving the jobs of approximately 300 partners and staff. A consensual approach such as this will no doubt be of interest to a sector that continues to experience a number of diverse and significant challenges.’
Linder Myers filed notice of its intention to appoint administrators in February, citing ‘very difficult’ trading conditions.
The firm, with 51 partners and offices in Manchester, Lancashire, Shropshire and Chester, has expanded rapidly through mergers in recent years. It posted turnover of £18.7m for the year ending 30 November 2013, ranking it just outside the top 100.