Recovery First, provider of complementary services to insolvency practitioners, accountants, restructuring and corporate recovery specialists helping personal injury (PI) law firms withdraw from the market, has opened new headquarters at Abbey House in Redhill, Surrey.
The office on Clarendon Road currently houses five employees, but is big enough to accommodate a further expansion as the business grows.
Recovery First also has an office in Glasgow and a presence in Manchester, but has recognised a need to be in closer proximity to specialists based in the south.
The Redhill office is run by Recovery First’s operations director, Sally Dunscombe, who works alongside business development and administration staff.
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Managing director, David Johnstone, now splits his time between Glasgow, Manchester and Redhill.
Commenting on Recovery First’s new office, David said: “Many of our colleagues in restructuring, banking, insolvency and accounting are based in the south so it was important for us to be closer to them, particularly now the huge changes in the legal sector during 2013 are taking affect and many PI firms are exiting the market in a distressed situation.
“The experts we work with are recognising that a fully managed exit from the market is preferential to insolvency or heavily discounted sales and we’ve been brought on board to work with three firms during the last six weeks, who want to achieve as much value as possible from their work in progress (WIP). Our Redhill office will oversee the initial transfer of cases to multiple panel firms and the monitoring of clients’ case loads as they progress to conclusion.”
On an outsourced basis, Recovery First works alongside insolvency practitioners, accountants, restructuring and corporate recovery specialists, helping PI law firms withdraw from the market. It helps firms achieve a much higher value than could be achieved by a discounted sale by facilitating, managing and controlling the earn out, so allowing 100% of the incumbent WIP to be realised.