Parabis Group administrators appointed, as business broken up and sold on
AlixPartners has today revealed that three of its directors have been appointed joint administrators for legal services provider Parabis Group.
Peter Saville, one of the administrators, said: “Despite the receipt of further support from its financial stakeholders, the Group was unable to resolve its cash flow issues and sought to market itself for sale. As a result of that marketing process it became apparent that in the current environment a sale of the group as a whole was not a viable option and the liabilities attached to Group entities also precluded a solvent sale.
“A series of business and asset sales was therefore agreed with the transactions completed by way of a pre-packaged Administration preserving over 2,000 jobs in more than 20 separate office locations across the UK.”
As reported over the weekend by Sky News, some of Parabis’s business has been broken up and sold on. The rehabilitation and medical legal reporting division has been sold to Premex.
Parabis became the first alternative business structure (ABS) with private equity backing when it received funding from Duke Street Capital in 2012. An ABS allows non-lawyers to own and invest in law firms.