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Reading-based Boyes Turner has pulled out of the tripartite merger talks with Blake Lapthorn and Morgan Cole.
In a statement issued this afternoon, Boyes Turner said: ”After careful consideration we have decided to withdraw from the preliminary discussions that have been taking place with Blake Lapthorn and Morgan Cole.
“We understand that the talks between Blake Lapthorn and Morgan Cole will continue. We hold both firms in the highest regard, wishing them well for the future. Boyes Turner will however continue to consider a range of strategic options in this dynamic legal environment.”
Blake Lapthorn and Morgan Cole both confirmed they were in talks just over two weeks ago (28 November 2013). Boyes Turner did not comment on the talks at the time.
The Reading firm released its first set of LLP accounts last week (12 December 2013), revealing turnover of £21.7m for the 18 months to the end of March 2013. However profitability levels at the firm were roughly equal with its net debt, at around £6m.