A Tenby accountancy firm has been acquired out of administration following the collapse of its former owner Juno Moneto Group which left creditors owed more than £12m.
The Cardiff-based holding company, founded and chaired by Claire Louise Thomas (formerly known as Louise O’ Halloran) and under which operated a number of financial and professional advisory firms including its regulated independent financial advisory firm Juno Moneta Management Capital, was put into administration over the summer by its main creditor in Blackwood-based Contrad.
Now associated Juno Moneta firm the Alexander Partnership, in which Ms Thomas had a significant controlling interest before resigning as a director, has been acquired by West Wales based accountancy firm LHP Chartered Accountants.
Business recovery specialists at Begbies Traynor completed the pre-packaged sale via administration, which sees LHP, which employs 60, taking over the business, including the premises and clients, while also securing 11 jobs.
With a long tradition of supporting clients in the tourism, hospitality, agriculture and the construction sectors, LHP has seen its client base grow significantly in recent years, especially in light of the Making Tax Digital change.
With offices in Carmarthen, Haverfordwest and Lampeter, LHP has also seen a significant increase in its business advisory services.
The team in Tenby will be managed by Mandy Cunningham, supported by Michelle Reynolds. Former director of The Alexander Partnership, Peter Griffiths, will return as a consultant to the practice with directors Matthew Williams and Dafydd Rees, meeting clients and further strengthening the expertise available to clients.
Managing Director of LHP, Mr Williams, said: "We are committed to providing The Alexander Partnership clients with the stability and consistency they deserve, with the added support of being one of the largest cloud and book keeping companies in Wales. Having grown up in Saundersfoot myself, we are excited to be moving to Tenby and it is great to hear from Peter how the varied range of businesses are doing in this corner of Wales.''
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MrGriffiths said: "We've worked so hard over the last 30 years to build a strong, professional and personal relationship with all of The Alexander Partnership clients. I am really pleased that LHP have now agreed to take over the practice and, with their support, I am sure we will continue to those relationships over the next 30 years.
"We have worked with Matthew and the LHP team previously and we really believe that they are a great fit to manage our clients expectations and beyond. I would also like to thank The Alexander Partnership team, who have been through some difficult times over the last few months but should be really excited about the future of the practice."
Huw Powell, managing partner at Begbies Traynor in South Wales, said: “This is a fantastic result, which sees two established firms come together to create a stronger offering for clients and employees alike.
"Safeguarding jobs is always our primary objective and is an especially pleasing outcome in these challenging times. Legal advisers from Osborne Clark and Morgan La Roche worked particularly hard on this deal and I know everyone involved is grateful for their support.”
Juno Moneta Group was put into administration earlier this year by Contrad, owned by Paul O’ Connor, having provided the group with a £10.3m fixed charge loan to supports its acquisition strategy back in 2018.
According to proposals to creditors, lodged with Companies House, from joint administrators Roderick Butcher and Richard Goodwin of Birmingham-based corporate recovery Butcher Woods, Juno Moneta also has unsecured creditors, totaling 36, who are collectively owed £1.6m.
They include: Swansea-based GCNG Consultancy £346,027; the Blake Consortium £318,254, Jardine Norton £301,31, HM Revenue & Customs £238,646 and law firm Eversheds Sutherland £27.000.
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Due to the costs associated with the administration process, unsecured creditors are unlikely to receive anything.
In the proposals to creditors Mr Butcher also confirms that he has received claims from two additional creditors that were not included in the statement of affairs for £520,922 and £1.3m respectively.
The £520,922 claim relates to the professional rugby region Scarlets and its shirt sponsorship deal with Juno Moneta Group.
The deal, which was due to run for three years, was terminated with a season remaining following the administration of Juno Moneta Group.
Mrs Thomas stood down from the board of the Scarlets in January this year, having joined following the sponsorship deal in 2018.