A Preston law firm has been bought by its management team as part of a restructuring deal.
The firm, Marsden Rawsthorn LLP, appointed administrators, KPMG, last Wednesday and was immediately bought by a new company, Marsden Rawsthorn Solicitors Ltd.
The administration was advertised in the London Gazette on Monday.
In a statement, chief executive Debbie Pettitt said there would be no job losses at its office at Faraday Court in Fulwood, Preston, or St Thomas’s Road, Chorley.
She added: “The restructure provides excellent opportunity for growth and is in line with our strategic development plans.
“Operations are unaffected and we continue to provide our clients with the same outstanding service as before.
“We are in the process of contacting all our clients to notify them of the change and other exciting developments within the firm.”
Details filed to Companies House show Paul Ridehalgh, Richard Ainsworth, Sahida Ahmed, Charles Maher, Eric Gardner and Karl Wilson were all appointed as directors of the new company last Tuesday.
KPMG confirmed Paul Flint and Brian Green of its North West restructuring team were appointed joint administrators last week.
They added the new company was “led by the former partner group” and confirmed all 80 jobs at the firm had been secured.
Marsden Rawsthorn LLP’s most recently-filed accounts, posted last July, showed it made sales of £4.2m and pre-tax profit of £1.1m.