Marsden Rawsthorn administration details revealed

Details have been revealed about the administration of Preston and Chorley solicitors Marsden Rawsthorn earlier this year.

Marsden Rawsthorn owed £4.3m to the Royal Bank of Scotland and a further £500,000 to unsecured creditors and folded in February. Following a management buy-out, 80 jobs were saved and the new company began trading as Marsden Rawsthorn Solicitors Ltd.

A creditor’s report from administrators KPMG notes that the buy-out involved 10 partners paying £1.24m for the purchase through a pre-pack insolvency.

Debbie Pettitt, chief executive at Marsden Rawsthorn, said: “We had been in dialogue with RBS since last year regarding a solvent restructure of the LLP, and it was hoped that we would come to a mutually acceptable agreement.