Fifty keep jobs in high-speed deal
International law firm Bird & Bird, has recently acted for the joint administrators of Burnett Group Associates in a high-speed deal that has saved the three separate businesses of the company from liquidation. Over fifty jobs were also rescued.
Acting for Peter Dunn and Simon Thomas of insolvency specialists, Tenon Recovery, a two-man Bird & Bird team had three days to prevent the administrators from placing the three distinct marketing businesses of Burnett into liquidation; a move which would have left over fifty employees unemployed in the new year.
Within three days of the company being placed in administration (17 December 2001), partner Matthew Lindsay, assisted by Joss Hargrove, had to work fast to negotiate the sale of the three separate entities of the Burnett Group to three separate buyers. "New Media and Consulting", "Burnett Works" and "Lion Direct Marketing" each service the marketing needs of high profile charities such as UNICEF, Amnesty, RNLI, Crisis, Macmillan and Jewish Care.
Commenting on the deal, partner Matthew Lindsay said:
"We were very pleased to have been able to play a part in saving so many jobs. It's also good to have been able to play a part in ensuring a future for the good work that these businesses have been doing for such worthy causes and to have ensured a greater likely return for creditors of Burnett.
"We were also delighted to be involved in this deal because it gave us the opportunity to bring together the corporate, litigation and employment disciplines of our corporate recovery group in a fast commercial way necessary to get the deal done".
Bird & Bird worked with three separate law firms during the negotiation of the sale of "New Media and Consulting" (HammondSuddardsEdge), "Lion Direct Marketing" (Nicholson Graham Jones) and "Burnett Works" (Bolt Burden). The three businesses were sold by 20 December 2001.
For more information, please contact Larry Cattle, Director of Marketing,on +44 (0) 20 7415 6156.