Troubled City law firm Ince Group has collapsed after months of financial turbulence.
The listed company plans to enter administration after missing deadlines to publish last year’s results.
Ince, which has a history dating back 150 years, announced its failure on the London Stock Exchange yesterday.
Collapse: City law firm Ince Group, a listed company which has a history dating back 150 years, announced its failure on the London Stock Exchange yesterday
Finances have been under pressure because of a protracted audit, still incomplete. Its strain on cash led to discussions with its main lender and other creditors, including HMRC.
But a major creditor recently pulled support. Ince, which last year hit the headlines after some of its senior lawyers allegedly mistreated a 22-year-old waitress at a restaurant in Cardiff, said: ‘The board has concluded that it has no choice but to place the company into administration.’
Insolvency specialist Quantuma will be tasked with selling it. Shares at Ince, once the largest listed law firm in London after a float in 2017, were suspended on January 3.
Prior to that, they had fallen over 99.97 per cent since 2018 to 5.15p.
Last year, Ince posted profits of just £300,000 from revenues of £100.2million.
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