Mark Firmin, Brian Green and Howard Smith of KPMG's Restructuring practice were appointed joint administrators to Cobbetts LLP on 6 February 2013. Following their appointment they completed an agreement to sell the business to DWF, in a 'pre-pack' deal.
The sale sees 419 of Cobbetts’ employees and partners, from its four offices in Manchester, Leeds, Birmingham and London, transfer to DWF. The finance litigation team has been acquired by Walker Morris in Leeds.
“In the current economic climate we are delighted to have brokered a deal that saves more than 400 jobs. We have moved swiftly, working in collaboration with a number of stakeholders including the Solicitors Regulation Authority to conclude this deal between Cobbetts and DWF. This is a strong result and an important step forward for DWF in the market.”
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
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