Linder Myers Solicitors has completed a deal with leading legal services specialist, Assure Law which will see the firm refinance its debts and appoint a chief executive officer to lead the practice.
The deal, believed to be the first of its kind in the legal sector, sees Assure Law chairman, Tony Stockdale, appointed as chief executive of Linder Myers with Bernard Seymour taking on the role of senior partner.
The agreement secures Linder Myers’ future across its offices in Manchester, Chester, Lancashire and Shropshire.
Bernard Seymour, senior partner at Linder Myers said: “This is a very positive outcome for the business, its employees, our valued clients and business partners. Tony Stockdale brings significant experience and we are pleased to welcome him to Linder Myers as we look forward with confidence to the future. We would also like to thank RBS for its support as we have negotiated the refinance of debt and agreed deal terms with Assure Law and other stakeholders.
“Linder Myers has been providing legal advice since 1922. The environment in which law firms find themselves operating has never been more challenging with unprecedented changes placing increasing pressure on firms. We are delighted that Assure Law and RBS have enabled us to create a foundation for a successful future with the support of a number of other key advisors and business partners particularly EY and Jepson Holt, who played pivotal roles throughout the process”.
Assure Law chairman and chief executive at Linder Myers, Tony Stockdale commented: “Linder Myers is not the first, nor sadly the last practice to hit difficult times within a sector being impacted by a number of changes which are placing a real squeeze on law firms. The team at Assure Law have worked hard with all the other parties involved to reach a successful outcome. The refinancing of the firm’s debts will result in a strong balance sheet and provides a stable base from which Linder Myers can focus on organic growth.”
Advisors on the deal included EY, led by restructuring partner Tom Jack and director Ben Wildsmith; Duff and Phelps, led by Sarah Bell and Paul Smith with the assistance of Steve Billot; Pinsent Mason, led by restructuring partner Steve Cottee together with senior associates Dawn Allen and Sarah Flinn; Graham Muth and Phoebe Matthews at Hill Hofstetter who advised Assure Law and Ged Barnes at Addleshaw Goddard who advised EY and RBS.