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DWF has rescued ailing firm Cobbetts in a pre-pack deal confirmed by DWF’s managing partner Andrew Leaitherland in an email to staff earlier this afternoon.
DWF has also now sent out a statement confirming its intention to acquire Cobbetts. The deal must still be approved by the courts, as Cobbetts filed a notice to appoint administrators on Monday (30 January 2013), but if the deal is approved, DWF will begin transferring people across in the next seven days.
The fact that DWF was interested in rescuing the Cobbetts business was reported on TheLawyer.com this morning (31 January 2013).
According to a statement from DWF, Cobbetts had “built an infrastructure reflecting the buoyant economy of the mid 2000s and had put in place plans to reduce costs. However, poorer than expected trading in November and December last year caused the firm to review its financial position and subsequently obtain an interim statutory moratorium to enable a sale of the business and its assets.”
In a statement, Leaitherland said: “DWF’s plans to grow, in a strategic, targeted way have been clearly set out and this move supports that goal. I am confident that the merging of the two firms would bring genuine benefits to both and, importantly, the joint client base. There are many synergies between the two firms in terms of the sectors in which we operate and this collaboration will further strengthen our existing business. I am very much looking forward to welcoming the new team to DWF.”