Despite having had to enter administration, all jobs at Rollingsons Solicitors – a Central London-based law firm – have been saved.
Who is Rollingsons Solicitors?
Rollingsons Solicitors – formerly based in Charing Cross, London – was a multi-disciplinary law firm established in 1996.
The firm had a variety of different specialisms, including:
- Family law
- Clinical negligence
- Commercial litigation/property law
- Criminal law
- Employment law
- Property law
- Private client cases
- Tax disputes
Having been appointed during 2016 and 2017 respectively, David Webb and David Arrivo comprised two-thirds of the company director team on entering administration.
Gregory Rollingson was the third and most long-standing company director. He was originally appointed on 15 November 2010.
The most recent accounts the company filed with Companies House were logged in August 2017. This record indicated that Rollingsons Solicitors employed 48 peoplehttps://www.lawgazette.co.uk/practice/staff-jobs-saved-as-london-firm-goes-into-administration/5066561.article on average throughout 2016/17.
During 2016/17, Rollingsons Solicitors recorded an annual turnover of £4.1m. However, this record also detailed a slight pre-tax loss.
According to the balance sheet, the company owed Mr Rollingson just over half a million pounds (£504,000) at this time. No repayment date had been established, and the director had stated his intention not to call on the initial repayment sum (at least £300,000) within the next year.
In 2016, Rollingsons Solicitors had a total of £200,000 of bank loan repayments and overdraft fees to be settled within the coming year. By 2017, however, this figure had risen to nearly £700,000. Additionally, the monies the law firm owed to trade creditors almost doubled within this timeframe.
Despite these potential warning signs, the accounts noted that the company should continue operating ‘for the foreseeable future’ thanks to support from bankers, creditors and Rollingson himself.
It appears this assertion did not come to fruition. On Thursday 4 June, the company updated its website to feature a full statement on the decision to enter administration. The announcement named practitioners from FRP Advisory as joint administrators.
All jobs have been saved
The company also outlined the ramifications for staff and clients via the statement:
Administrators have transferred all staff and fee earners to Taylor Rose TTKW, a law firm that operates nationwide. If they decide to, fee earners can assist clients in instructing other firms.
The joint administrators also appointed Samantha Palmer and Dawn Allen of Pinsent Masons LLP as joint solicitor managers in order to help protect clients.
Rollingsons Solicitors secured the best possible outcome for its staff in the circumstances by taking action at the appropriate time. If you want to find out more about the administration procedure and options open to you, consult our free Worried Directors Guide.