Portland successfully manage administration and sale of client database of accountancy practice

Fareham and Poole based business recovery experts Portland were appointed as administrators of a long established and well respected accountancy firm based in North Hampshire and were able to negotiate and complete a sale of the client database.

As a result of an extensive, but targeted marketing campaign, aimed at other accountancy practices, a sale was achieved which will result in a return to the creditors. The sale also ensured that the accountancy firm’s clients had a continuation of service to ensure no disruption to their businesses.

Associate Director of Portland Stewart Goldsmith commented:

“Immediately upon administration, we took steps to market the business assets for sale with both targeted and wider national marketing. These efforts generated a significant level of interest in the client base. Prospective purchasers were narrowed down, following detailed information being provided under Non Disclosure Agreements and following discussions with the remaining interested parties, we were able to complete the sale and assist with the transition of information to the purchaser.”

Portland also assisted the employees in making claims to the Redundancy Payments Office (RPO). Many of the claims were complex and required a historical assessment, due to the significant length of service and continuity of employment. After liaising with the RPO on behalf of the employees they received their entitlements.

Stewart continued:

“No industry or company type is completely immune to financial distress. It is important that directors obtain advice at an early stage, as the earlier it is the more options will be available with regard to the future of the business. In this case we were able to achieve a sale of the client base to enable the purchaser to continue servicing the clients whilst at the same time maximising the return to the creditors.”

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