KPMG finds buyer for Cobbetts’ debt recovery arm

HL Legal Solicitors has agreed to buy Cobbetts’ debt recovery business Incasso from KPMG, which acted as the failed firm’s administrators.

Incasso was the only team from Cobbetts that was yet to find a new home following the Manchester firm’s collapse at the end of January. DWF had agreed to purchase the majority of Cobbetts as part of a pre-pack administration (6 February 2013), but the DWF deal did include Cobbetts’ finance litigation team or the debt recovery business. Earlier this month, Walker Morris agreed to take on Cobbett’s 27-strong finance litigation team (7 February 2013).

Debt recovery specialist HL Legal has now agreed to acquire Incasso, with Taylor Wessing partner Tom Cartwright leading the team advising HL Legal. Pinsent Masons advised KPMG partners Mark Firmin, Brian Green and Howard Smith as administrators, with restructuring partner Steven Cottee leading.

Redditch-based HL Legal provides pre-legal collection services and litigation advice to lenders, debt purchasers and other businesses.

Cobbetts filed a notice to appoint administrators on 28 January at the Royal Courts of Justice (30 January 2013). For more detail on what led to Cobbetts’ administration, click here.