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'Perhaps it is actually about buying commercial real estate which can then be sold at a handsome profit with borrowed money? Or is it in the hope that investors will see all this activity and 7 chargeable hours a day recorded for every fee earner and buy shares? Personally, i think it is high risk and that the whole thing will come crashing down.'

Agreed - MW’s press announcements said how much lending / investment they secured, and the accounts show how quickly that has been committed, while what was a modest profit has turned into a more sizeable loss. What’s left won’t keep things going long unless things turn around fast, and continuing with the expansion plan is only going to increase the rate of cash burn.

The properties won’t help anyone other than Messrs Smith and McMillan, unfortunately – they’ve acquired the premises personally, and MW has taken leases and pays them a rent.

If they'd got into bother trying to expand the business in an ethical and decent way it would deserve genuine sympathy (the profession needs its share of people willing to be commercial and entrepreneurial), but when the route chosen involved stepping on their juniors' heads, that sympathy is pretty difficult to muster...

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