Offshore firm Appleby has closed down its London office as part of a “rationalisation of resources” in the City, it has emerged.

The firm shut down in London in late summer amid a firmwide review of logistics to prepare Appleby for the management buyout (MBO) of its fiduciary business to Bridgepoint in July. 

Partners Stephen James and David Clark relocated to the Cayman Islands and the British Virgin Islands (BVI) respectively while the third partner in London, Deborah Poole, has “retired to pursue other interests”, according to the firm.

Appleby said it had been reconsidering the need for a London office for some time due to the ability for lawyers to easily travel between its offices in Guernsey, Jersey, the Isle of Man and the City.

“However, alongside a comprehensive review of our logistics as part of the preparation for the MBO, we reached a natural point at which to implement a rationalisation of our resources in London simply because it made no difference to our ability to deal with our clients and intermediaries, and it has enabled us to refocus our resources into other offices within the group,” a spokesperson said.

The firm is the second major offshore player in two years to pull out of London. Ogier relocated London managing partner Simon Dinning and senior associate Wendy Walker back to Jersey in 2013, maintaining a trust and administration office in the City. Like Appleby, Ogier then completed an MBO of its fiduciary business.

Another nine offshore firms are still present in London. According to data collected for The Lawyer Offshore Top 30 2015, Maples and Calder is the largest firm in London with more than 20 fee-earners based in the City.

The most recent arrivals include BVI firm Forbes Hare, which launched in 2012, followed in 2013 by Channel Islands firm Collas Crill and BVI’s O’Neal Webster.