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Trainees joining Penningtons Newbury office have been handed a lifeline by South East firm Thomas Eggar, which plans to take over the base.
Thomas Eggar managing partner Tony Edwards pledged to honour all of Penningtons outstanding contractual agreements, including taking over grant agreements. This includes recruiting six trainees as part of the 84-strong force in Newbury.
The trainees are: Russell Moore, residential property; Owain Morgan, commercial property; Patrick Osgood, commercial dispute resolution; Ben Smith, corporate; Laura Walkley, private client; and Fiona Wheeler, family.
The firm will also honour agreements with next years intake.
All those not yet with us but interviewed and accepted by the Newbury office will have the offers honoured by Thomas Eggar, said Edwards. We have agreed to take over all grant and loan arrangements for those people.
Thomas Eggar acquired Penningtons Newbury office following internal wranglings over the future strategy of the firm.
Penningtons had undertaken a firmwide review and concluded that it should streamline into three divisions across all locations.
Franco Bosi will head Penningtons business services division, Peter McElligott will head commercial property and managing partner Lesley Lintott will lead private individuals.
The Newbury office specialised in private client and commercial business.
Thomas Eggar is also opening an office in Southampton, slated for the second quarter of 2008.
Edwards said: We have regional-based management and that is a strategy that has worked very well for us. If you have the right location you can get the right people. This year we expect a group turnover of 40m, up from 33m last year.
Our aspiration is to be the leading firm of the south by 2010 and that means we have to continue to grow by between 15 and 20 per cent year on year.