Manchester firm Linder Myers has been sold in a pre-pack administration deal, just two years after avoiding collapse through a debt restructure.
The Manchester firm has become part of aggregation business Metamorph Law in the first of up to 60 planned acquisitions for the business.
According to a statement on Linder Myers’ website the pre-pack deal takes effect as of close of business today (27 May). It will now trade as ‘Linder Myers, part of Metamorph Law Limited’.
The pre-pack deal followed the appointment of Quantuma partners Andrew Hosking and Carl Jackson and director Sean Bucknall as joint administrators.
Metamorph was granted an ABS licence on 14 April this year. It was set up as a vehicle to acquire, transform and aggregate high street law firms focused on private client work.
It is led by CEO Simon Goldhill, who began his legal career at legacy Berwin Leighton and spent time in a variety of firms, including as a litigation partner at legacy Reid Minty. He left practice to become an entrepreneur.
Goldhill said in a statement: “In addition to Linder Myers providing a very dedicated professional team of lawyers and support staff focused on the needs of their clients, they also have the support functions required to service a multi-office firm of around 200 staff. This merger gives us the base on which we can now anchor our operations and seek to build with subsequent acquisitions nationwide.”
Linder Myers equity partner Trevor Ward said the decision to join the business was “unanimous”.
“We have been talking to them since late 2015 and therefore had the opportunity to get to know them well. We are excited by their vision for how we can better service our private client and SME clients,” Ward added in a statement.
In February 2014 Linder Myers filed notice of intention to appoint administrators at the Manchester District Registry Court. However it avoided administration through a debt restructuring deal which included investment from Assure Law director Tony Stockdale.
The firm has not filed accounts for the 2014/15 financial year but Companies House filings show that in 2013/14 it turned over £9.04m, down more than 20 per cent from £11.3m the previous year. It made a net profit of £1.25m, a margin of 13.8 per cent.
According to the Law Society’s solicitors’ directory, the firm currently employs 66 solicitors.