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Smith Cooper Insolvency team leads the sale of MGC Hayles

 

Posted on 10 September 2015

Having gone into Administration on 24 July, Midlands Accountancy firm, MGC Hayles, has now been sold by local accountancy and business advisory practice, Smith Cooper.

With offices in Birmingham, Leicester and Nottingham, MGC Hayles was founded in 2012 when it acquired the business of Hayles & Partners.

Dean Nelson, Head of Business Recovery and Insolvency at Smith Cooper, was appointed Administrator, along with fellow Partner, Nick Lee.  The Administrators continued to trade MGC’s three offices whilst seeking a buyer.  Dean Nelson commented: “Professional services have not been immune from the difficulties faced by many other businesses during these tough economic conditions.  The Company received a winding up-petition from HMRC which it was not able to satisfy and the Company’s secured creditors approached us to review the position.  We felt that continuing to trade the businesses whilst seeking a buyer would likely yield the best outcome for creditors and reflected our understanding of the quality of the work undertaken, and, the excellent client base.  We are pleased that decision has been vindicated by these sales.”

The business and assets of the Birmingham and Nottingham offices have been acquired by Seagrave French LLP, with the Leicester office acquired by Hayles Leicester Limited.

Michael Roome, Director at Smith Cooper who oversaw the transaction, added: “We are delighted to have completed these sales, ensuring the preservation of the MGC businesses, and, saving 27 jobs in across the Midlands.  We would like to thank the staff at each location for the dedication during what has been a difficult and uncertain period.”

Smith Cooper were assisted by Howes Percival Solicitors, whilst DCH Law Limited acted on behalf of Seagrave French and BHW Solicitors acted on behalf of Hayles Leicester.

 

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