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UK headhunter Wellesley Partners has launched a High Court negligence claim against Withers on the grounds of breach of contract.
The company claims that Withers made an error when drafting documents that led to Bahrain-based Addax Bank withdrawing a £2.5m investment immediately rather than after an agreed period of three and a half years.
Wellesley had originally sought external investment with a view to hiring more consultants at its London office as well as expanding its business into various international markets.
As a result of the alleged drafting error the headhunter claims to have been unable to finance its anticipated expansion.
According to the High Court claim, this led to the company missing out on the chance of being retained by investment specialist Nomura International on a project involving the recruitment of 300 banking staff to its intended New York banking division.
Wellesley also claims that Withers should be responsible for its legal costs in a court case with Addax, and is claiming £374,385 for losses as a result of adverse movements in the sterling-to-dollar exchange rate.
The claim was issued by Simmons & Simmons on behalf of Wellesley.