A Bristol law firm has been sold out of administration, saving 46 jobs.
Former personal injury specialist Lysander Law, which was based in Aztec West, ceased operations on September 22.
Lysander has now been sold in a pre-packaged deal to RHL Solicitors, by joint administrators from business rescue and restructuring expert Begbies Traynor Group.
Founded in 2016, Lysander Law said it had traded "profitably" until the 2021 reforms, which introduced a fixed tariff for injuries and banned the inclusion of legal fees in claims. Other factors bosses said that made trading difficult for the business included the Covid-19 pandemic, which caused significant delays to court cases.
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Overseeing the sale were Huw Powell and Katrina Orum, of Begbies Traynor Group’s Cardiff office.
Mr Powell said: “We are pleased to have been able to save such a significant number of jobs and this is a demonstration of what can be achieved if company owners seek advice in a timely manner. I would like to wish the team at RHL every success for the future - they are now in a good position to take the business forward and trade profitably.”
RHL director Thishan De Zoysa added: “We’re extremely grateful for the hard work of all parties involved throughout the process in achieving this outcome. We are delighted to be able to support our new team and the clients that we will serve, and my fellow investors and I are really excited about what the future holds.”
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Lysander Law previously employed 82 staff members, 36 of whom left the business over a transition period spanning several months as it sought to cut costs to return to profitability.
The directors had initially attempted to remodel the company financially in a bid to secure private investment or a solvent sale. When this approach proved unsuccessful, Begbies Traynor’s BTG Advisory arm, led by Rob Insall, took on the accelerated sale process. The company was advised through the process by Paul Caldicott of Blake Morgan.
Counterparties at RHL were advised by Tim O’Callaghan at Judge Sykes Frixou.
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