Accountant Moore Stephens has announced the appointment of partners Phillip Sykes and Jeremy Willmont as administrators to brokers Collard & Partners.
Following an intervention order from the GISC on 25 March, Sykes said: "Collard & Partners has suffered recently like a number of brokers and has been hit particularly hard with the loss of some major contracts in the past few months.
"Prior to our appointment, the business of Collard & Partners was sold to a management buy-out team. The consideration for the sale is based on the net profits over the next five years and could achieve a maximum of up to £1.25m."
"The objective of the administration order is to avoid liquidation and develop proposals for either a company voluntary arrangement under the Insolvency Act or a scheme of arrangement under the Companies Act."
"The next stage is to carry out a detailed review of the company's IBA account and present proposals to creditors within the next three months."
