THE future of around 70 workers has been secured following a management buy-out of the three Tees Valley operations of accountancy firm Vantis, which went into administration on Tuesday.
The AIM-listed company sank after attempts to secure new investment to reduce debt failed.
It has been bought by a newly formed group of North-east accountants and tax advisors, headed by former Vantis chiefs Ray Priestman, Martin Barber and Keith Robinson.
They acquired the Middlesbrough, Darlington and Hartlepool divisions of Vantis national business from administrator FTI Consulting yesterday.
Evolution Business and Tax Advisors would not disclose details of the buy-out, for which Lloyds TSB provided funding, but said all Tees Valley-based staff would be retained.
Mr Barber said the three local sites had been trading profitably and there was no reason to think they would not continue to do so.
“Revenue and cash-flow projections are very positive and gearing is very low,” he said.
“We will be the biggest accountancy firm in the Tees Valley (but) we are not a traditional accountancy practice. We have a lot of strings to our bow.”
The company will continue to provide specialist services including accounting, taxation, business advice, outsourcing, asset finance, restructuring and turnaround help.
But it also plans to branch into other areas, such as business mentoring and interim management. It has ambitions to grow its Tees Valley workforce.
Yesterday rival accountancy firm RSM Tenon bought Vantis’ London, Epsom, and Leicester advisory offices, national financial management operations and Thames Valley recovery office.
The circa £7m deal has secured the future of around 300 staff and was the first sale in the break up of the group to be announced.
Vantis Business Recovery Services (BRS) has been sold in a management buy-out to existing BRS partners for an undisclosed sum.
The move will safeguard the jobs of 28 partners and 200 staff working across nine UK locations.
Vantis employed more than 1,000 staff throughout the UK.