The UK Law Society Gazette reports
The Ince Group has officially been placed into administration and a buyer found for the stricken business.
In a short statement on Friday afternoon, the listed company said Quantuma Advisory Limited had been appointed as administrator and immediately arranged the sale of the business and some assets to Axiom DFWM Limited.
No information was provided on how much the business was sold for.
It was later clarified that Ince & Co. will be a separate operating entity of Axiom DWFM’s and will be managed independently as a separately branded legal services business. The existing partner group of Ince & Co. will stay and attempt to refocus on its core legal services, whilst also improving operations and support structures.
Axiom DWFM has said all existing pay structures will be honoured and other material liabilities of the Ince business will be funded. All Ince Group employees will be transferred to Ince & Co. under their previous terms of employment.
Managing partner Pragnesh Modhwadia, who founded Axiom DWFM, said: ‘We have great confidence in the quality of the Ince & Co. business and the lawyers within it and are very excited that, like AxiomDWFM, the firm is built around differentiated areas of great specialism, market positioning and quality of service.
‘When the opportunity came to acquire a business of the calibre of Ince & Co. we were eager to engage and are delighted that the Ince & Co team shared our enthusiasm. We believe we have a great relationship already and a great opportunity together.’
Ince, a specialist in shipping & energy, aviation, insurance and real estate, along with practices such as dispute resolution, employment, immigration, asset finance, corporate services, regulatory, family & private wealth and related areas, had announced it would seek to appoint administrators earlier this month after a key creditor withdrew its backing for the company. Since then, there have been no updates about the future of those working for the firm.
Donald Brown, who took over as chief executive of Ince Group last year, thanked clients and staff for their patience and loyalty after the uncertainty of recent months.
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