National firm DWF has announced the acquisition of an alternative business structure that had entered administration today.
The insurance law firm revealed today that it bought the multi-disciplinary practice Triton Global in a pre-pack deal and secured jobs for all its 215 staff members. No price was revealed.
Triton secured an ABS licence less than four years ago and consisted of former niche defendant firm Robin Simon, CMC Devonshire Claims and loss-adjuster Walsh PI. The firm has offices in Birmingham, Bristol, Leeds, London, Manchester and Dublin.
DWF has also agreed to buy Triton’s technology business 3Sixty, which will complement its subsidiary company 15squared on developing tech-driven products for volume claims, asset management and incident notification to clients.
No further details have been released about the Triton administration, which was handled by insolvency practice FRP Advisory, with advice from Pinsent Masons.
John Coleman, chief executive of Triton, said: ‘We have been actively looking at several different options for the succession of our business and are pleased to be joining up with a bigger and better resourced business.
‘DWF is an excellent fit both in terms of our offering to clients and our cultures. This will enable us to build on the hard work that has been put in over the past decade and more.’
Andrew Leaitherland, managing partner and chief executive at DWF, said the two firms have common ground in terms of client bases and industry sector knowledge.
He added: ‘DWF has always had an ambitious growth agenda and as our clients continue to operate on a more global scale, so have our growth plans increasingly targeted international opportunities, and this acquisition will allow us to diversify our international network while also strengthening some of our key locations in the UK.’
At the time of Triton’s creation, former chief executive David Simon said the business model was right for the modern market.
He said at the time: ‘We’ve resisted all offers of private equity money as we want to create an employee shareholder trust – in effect internal investment with the employees owning the business.’
According to annual accounts for the 2014/15 year ending 31 July 2015, the Triton Group owed around £7.5m within a year to creditors, including more than £3.5m in bank loans, overdrafts and other loans. The company declared just £42,367 profit for the the year, having posted a loss of £831,970 in 2014.