Southport-based law firm Barnetts Solicitors has been placed into administration by its founder and senior partner Richard Barnett (pictured).
A sale of different parts of the practice has been concluded to a number of buyers which has preserved the business, all 130 jobs and over 3,000 clients.
The conveyancing business was sold to DC Law, the PI and Litigation section to SGI Legal LLP, the Care Home division to Simpson Millar LLP and the Interest Rate Swap section to Seneca Banking Consultants.
Barnett said: “I see it as a fantastic opportunity for the firm to be able to move forward to the next level. The structure of the business had disparate parts, and it was therefore unlikely that we could ever have achieved one buyer for the whole. It has meant therefore that the reconstruction of the business was the only way to satisfy everyone.”
Julien Irving from Leonard Curtis Business Solutions Group and Joint Administrator, added: “The legal sector has and continues to face significant pressure that requires legal practices to reassess their business in this challenging environment.
“We were pleased to enable a successful disposal of the business, made possible by early planning coupled with the quality of the practice and its staff.”