A central London firm which had been posting more than £4m annual turnover as recently as last year has gone into administration. Rollingsons Solicitors posted a statement on its website saying it had appointed joint administrators from FRP Advisory last Thursday.
All staff and fee earners have transferred to national firm Taylor Rose TTKW, the statement confirmed. Rollingsons says its fee earners can arrange to help clients instruct another firm if they choose.
As part of the client protections put in place the joint administrators have appointed joint solicitor managers Samantha Palmer and Dawn Allen, both of Pinsent Masons LLP.
Rollingsons was a multi-disciplinary firm founded in 1996. Accounts filed in August 2017 showed the business employed an average of 48 people during 2016/17. In that year it recorded turnover of £4.1m but a marginal pre-tax loss.
At the balance sheet date, the director Gregory Rollingson was owed a total of £504,000 by the company, with no fixed date for repayment. He had already confirmed he would not call on the sum of at least £300,000 within one year.
Bank loans and overdrafts to be paid within the year amounted to almost £700,000 in 2017, up from around £200,000 in 2016. Amounts immediately owed to trade creditors had also doubled in a year.
Based on the continued support from creditors, bankers and Rollingson, the accounts stated the business would continue in operational existence ‘for the foreseeable future’.