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TLT Solicitors’ London corporate recovery and insolvency practice has won one of its biggest mandates to date after being instructed by the administrators of bar owner Balls Brothers.
Practice head James Forsyth is leading the 10-lawyer team acting for administrators Nick Cropper, Peter Holder and Stuart Mackeller at restructuring expert Zolfo Cooper. They were brought in as joint administrators last month.
Fellow TLT corporate recovery and insolvency partner Peter Carney is also involved, along with real estate partner Julian Mant and the firm’s senior partner Robert Bourns, who will deal with employment matters.
The mandate came as a result of TLT’s longstanding relationship with Barclays, the bank that appointed the administrators.
Forsyth said the mandate was an affirmation of the growing strength of TLT’s London recovery and insolvency practice, which he joined in 2006 from Denton Wilde Sapte.
“These are the sort of things that we’d like to be doing now,” he added. “This is our most high-profile piece of work in London so far, so we’re chuffed to do it.”
The administrators had originally looked at the option of raising capital for the ailing business, but have since abandoned the plan in favour of seeking a buyer. It is understood that at least one bidder has already thrown its hat into the ring.
Forsyth said he expected a sale to happen “reasonably quickly”, with bids expected to be on the table by mid-December.
Balls Brothers operates 19 bars in London, employing 332 people.