Vantis buy-out secures Teesside jobs
THE future of 10 Tees Valley workers has been safeguarded after a key part of failed accountancy firm Vantis was bought by a new management team.
Vantis Business Recovery Services (BRS) will now fall under a new firm, FRP Advisory, headed by former Vantis BRS partners Geoff Rowley and Jeremy French. Headquartered in London, FRP has plans to grow the business and open new offices around the UK.
The move will safeguard the jobs of 28 partners and 200 staff working across nine UK locations including Darlington.
It comes days after around 70 jobs were secured following a management buy-out of other Tees Valley operations of Vantis. The AIM-listed firm went into administration on Tuesday after attempts to secure new investment to reduce its debt failed.
But the firm’s BRS division has been a strong performer, seeing turnover rise 43% to £17.4m in the six months to October 31.
Partner of FRP, David Thornhill, said: “It has grown year-on-year and has always been profitable.
“It has been a jewel in the crown of Vantis for the last few years.”
He said there were no plans to branch into areas outside FRP’s core services, which include insolvency, business restructuring and interim management.
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