Ince Gordon Dadds starts redundancy talks; more than 40 staff at risk
Ince support staff most at risk as combined firm looks to trim overlap. Meanwhile former Ince & Co senior partner Jan Heuvels retires from partnership
January 11, 2019 at 05:18 AM
3 minute read
Newly-merged Ince Gordon Dadds has begun a redundancy consultation, with about 45 legacy Ince & Co support staff jobs at risk.
Those likely to be most at risk are legacy Ince & Co's support staff, who overlap with Gordon Dadds' own Cardiff-based support function, which operates at a lower cost base than Ince's.
Stressing that the consultation round was "not simply a cost-cutting exercise", a spokesperson at Ince Gordon Dadds said the firm was currently "looking to find where synergies lie" and that the firm will strive to "retain people where it can".
On New Year's Day, it emerged that Gordon Dadds' acquisition of Ince & Co had taken place by way of a pre-pack administration, rather than a reverse takeover as had been anticipated. The 11th-hour deal saw Gordon Dadds acquire Ince & Co's UK assets for £27.3m in a pared-down takeover that did not include the firm's international offices.
Ince Gordon Dadds said the pre-pack sale was necessary to circumvent the uncertainty over debts that Ince & Co was saddled with, and to restore investor confidence.
The pre-pack administration is expected to generate significant losses for Ince & Co's creditors, including RBS. The firm's landlord, Brookfield Properties, has entered into talks with both Ince Gordon Dadds and Ince & Co's administrators Quantuma.
News of the redundancy round comes as former Ince & Co senior partner Jan Heuvels departs the firm after 25 years to become an executive at Gordon Dadds' consulting arm, GD Consulting, in Hong Kong. He is expected to work closely with Gordon Dadds' ongoing operations in Asia and Germany.
Following a lengthy period of upheaval at the firm, Heuvels stepped down from his firm-wide leadership role in August, six months before his four-year term was due to end.
Meanwhile, deputy head of Ince & Co's admiralty business group Victor Fenwick also departs the firm to join rival shipping firm HFW. It is the latest in a string of departures around the fallout at Ince that has seen, among others, three senior partners in the City and Singapore join Stephenson Harwood and another three leave for Watson Farley & Williams in Greece.
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