11:13, August 10 517 0

2017-08-10 11:13:07
Simpson Millar announces new MP as owner calls in administrators

Simpson Millar has appointed a new managing partner nearly a week after its parent entity called in the administrators.

Head of dispute resolution and Manchester-based Greg Cox will take on the role having been a partner at Simpson Millar since 2015.

Prior to that he was a partner at Colemans-CTTS, which was purchased by Simpson Millar in at the start of 2015/16.

Cox’s appointment follows the departure of Fairpoint CEO David Broadbent, who is understood to have been leading Simpson Millar since its acquisition.

Simpson Millar’s longstanding managing partner Peter Watson stood down in 2016 after 20 years in charge.

UK200 firm Simpson Millar billed £31.6m in the 2015/16 financial year.

It was bought by publically-listed Fairpoint Group in 2014 after the latter secured £20m from Allied Irish Banks (AIB) to fund the acquisition and secure consolidation plans.

Last week, it was announced that Fairpoint was to appoint administrators following AIB’s announcement that it could not provide the level of support that Fairpoint required.

Fairpoint’s shares took a nosedive last December dropping from 52.5p to 20.5p. When trading was suspended, Fairpoint’s stocks stood at just 10p a share.

Simpson Millar has continued to emphasise that it is “business as usual” at the firm. It is now independently financed having secured a receivables funding facility of £5m with Doorway Capital, a provider of capital to law firms.

It said that “the client services that Simpson Millar provides and the protections its clients enjoy are not in any way affected by the announcement by Fairpoint Group”.