Ex-Hammonds partners in repayment stalemate

The group of former Hammonds partners fighting the firm’s demand for the repayment of overdrawings is calling for the firm to demonstrate clearly that the amounts it is asking for have been allocated properly.

The ex-equity partners, who all left Hammonds in the last two financial years, are seeking more information from their former firm before paying the amounts demand-ed. Depending on the level of equity the partners belonged to at Hammonds, demands range from around £50,000 to more than £100,000.

The group met on 27 September to discuss tactics. It decided that if Hammonds can show that it has calculated the demands correctly, then the partners will repay.

But one group member said: “We’re a long way from being close to being able to decide whether they have properly reallocated.” He added: “We hope that we’ll resolve this eventually appropriately and amicably.” He said the group hoped Hammonds would be able to recover from recent financial difficulties.

Discussions are likely to last for some time, but threatened litigation earlier this year seems unlikely.

Hammonds managing partner Peter Crossley said: “We are establishing a constructive dialogue with our former partners, and we are in the process of providing them information and details which we believe will lead to an amicable resolution.”