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July 1, 2010

Vantis partners form FRP Advisory

Independent business recovery firm FRP
Advisory has been formed as a result of the management buyout of
Vantis Business Recovery Services (Vantis BRS).

The new firm was secured by 28 Vantis partners
and is led by Geoff Rowley and Jeremy French. It has 200 staff in
nine former Vantis BRS offices in the UK.

Vantis BRS reported revenue of £27.8 million
and an operating profit £6.9 million.

“That business has always been profitable and
was one of the most successful businesses within the Vantis stable.
It was about a third of the Vantis revenue but significant profit
contributor,” commented FRP head of restructuring services Adrian
Doble.

FRP Advisory will provide a suite of
restructuring, recovery and insolvency services to businesses and
financial institutions in the mid-market. Services include banking
and business review, personal and corporate insolvency, refinance,
turnaround and crisis management, interim management and
asset-based finance.

The firm is hoping to continue its insolvency
work on Stanford International Bank (SIB).

Former Vantis partners Nigel-Hamilton-Smith
and Peter Wastell, who are now part of FRP Advisory, are
challenging an Antigua court decision to have them removed as
liquidators in June. The appeal is before the Eastern Caribbean
Court of Appeal.

“Both the Joint Liquidators and the partners
of FRP Advisory are clear that it is of the upmost importance that
the liquidation of SIB continues to operate without interruption,
to ensure that the interests of investors and creditors of SIB are
protected and the existing team working on the liquidation remain
in place,” FRP Advisory said.

Late payments of the SIB work had been blamed
as a major reason for Vantis’s downfall, but Doble said its role in
the company’s collapse was minor.

 

Related links:

FRP Advisory

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