Finance partners defect; Hammonds' deBT recovery department boosted
Hammond Suddards Edge is taking on finance partners from niche factoring and invoice discounting firm Wilde & Partners, leaving the firm decimated. The Lawyer understands that five partners intend to move to Hammonds, leaving Wildes with only three partners and bringing Hammonds' total partner count to 218. Hammonds will vote on the moves later this week. Partners going include commercial finance partner Andrew Watson and deBT recovery specialist Robert Weekes. The other three have yet to be confirmed. Wildes was formed in 1983 with three partners and has always focused on asset-based lending, insolvency and deBT recovery. Clients include the factoring and invoice discounting subsidiaries of UK and overseas banks and the majority of the Factors and Discounters Association. The firm is also an associate member of the Finance & Leasing Association. It famously untangled the problems surrounding the receivership of US IT giant CHS Electronics' UK trading arm, acting for accountants BDO Stoy Hayward and debenture holder Deutsche Financial Services (The Lawyer, 8 November 1999). Last year's Hammond Suddards-Edge Ellison merger strengthened the firm's connections with finance houses, particularly in the asset-based lending industry, and the firm has a steadily developing deBT recovery practice. Last year, the practice was involved in turnarounds in the private equity field and on several UK multi-creditor workouts. As well as BDO Stoy Hayward, clients include KPMG and Grant Thornton. Wildes managing partner Simon Boon declined to comment. Hammonds partners were unavailable for comment.