PRZOOM - /newswire/ -
London, United Kingdom, 2010/07/27 - Specialist restructuring, recovery and insolvency firm, FRP Advisory LLP, announces sale of the client portfolio of Aston Rothbury Factors.
Specialist restructuring, recovery and insolvency firm, FRP Advisory LLP, has secured the sale of the client portfolio of Aston Rothbury Factors to Bibby Financial Services. The deal, which completed on 26 July 2010, will secure the funding lines of more than 40 clients.
Aston Rothbury Factors went into administration on 28 June following the withdrawal of funding lines by the incumbent funder, with the appointment of FRP Advisory as administrators.
Commenting on the deal, Lionel Blackledge, partner at FRP Advisory said: “With a strong client book and a good reputation, we were confident that a sale of Aston Rothbury Factors could be achieved. The company’s clients can now be assured of continuity in their funding and the support of one of the UK’s leading factors.”
Edward Rimmer, UK chief executive Bibby Financial Services added: “We have set a challenging growth objective over the next few years and the acquisition of suitable businesses and/or client portfolios is firmly part of that strategy. As a result, we are regularly considering opportunities. Bibby Financial Services is delighted to be supporting an additional 40 firms offering a specialist funding facility and client-focused credit control.
“We welcome Aston Rothbury Factors’ clients into the Bibby family and hope that by providing them with our invoice finance expertise, we can help them take advantage of opportunities for growth and continued business success.”
Contacts for FRP Advisory:
Kate Macnamara, Grayling
T: +44 (0)121 265 2761 / M: +44 (0)771 422 2793
Rebecca Curwin, Grayling
T: +44 (0) 121 265 2763 / M: +44 (0) 7740 732 884
About FRP Advisory
FRP Advisory LLP (frpadvisory.com) is focused on creating, preserving and recovering value for its clients.
The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.
Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.
With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 locations including London, Bexleyheath, Hornchurch, Birmingham, Manchester, Leicester, North East, St Albans and Worthing.