Leeds-headquartered insurance law firm Plexus, which consists of Plexus Legal LLP in England and Plexus North LLP in Scotland, has been bought out of administration by Axiom Ince Limited.
The Plexus sale, financial terms of which were not disclosed, came shortly after administrators from Interpath Advisory were appointed. Woes at Plexus stemmed from financial irregularities and overstatement of profits. It was found that the law firm was at a loss-making position and needed new funding.
An emailed release about the transaction said “a number of parties expressed an interest” in the business, with Axiom emerging as the buyer.
“We are excited to have the Plexus family join our fast-growing legal services business,” Axiom global chief executive Pragnesh Modhwadia commented. “This acquisition cements our commitment to further growth while safeguarding jobs and looking after client interests in increasingly turbulent financial and legal markets.
“We look forward to welcoming our new Plexus colleagues and working closely with them. We would also like to thank the team at Interpath Advisory for their stellar work in delivering this complex transaction as quickly as they have.”
The CEO was referring to the 540 jobs that were saved across Plexus Legal’s six offices and Plexus North’s one. The Plexus roster of 520 employees and 20 fixed share partners will be joining Axiom’s 359 qualified lawyers and 442 other staff.
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