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Begbies Traynor has arranged the pre-package sale of former personal injury specialist, Lysander Law Limited, to RHL Solicitors Limited, in a deal that has secured the future of 46 jobs.
The sale was based in Aztec West, Bristol, and the joint administrators who oversaw the sale were Huw Powell and Katrina Orum from the firm’s Cardiff Office.
Lysander Law was incorporated in 2016 and had traded profitably until the 2021 whiplash reforms, which introduced a fixed tariff for injuries and banned the inclusion of legal fees in claims.
Other factors that made trading difficult for the business included the Covid-19 pandemic, which caused significant delays to court cases.
The firm previously employed 82 members of staff, 36 of whom left the business over a transitional period spanning several months as it sought to cut costs to return to profitability.
Powell said: “We are pleased to have been able to save such a significant number of jobs and this is a demonstration of what can be achieved if company owners seek advice in a timely manner.
“I would like to wish the team at RHL every success for the future – they are now in a good position to take the business forward and trade profitably.”
Thishan De Zoysa, director of RHL, added: “We’re extremely grateful for the hard work of all parties involved throughout the process in achieving this outcome.
“We are delighted to be able to support our new team and the clients that we will serve, and my fellow investors and I are really excited about what the future holds.”
