MCR sold to Duff & Phelps
Corporate recovery firm MCR has been bought out by New York-based restructuring firm Duff & Phelps for an undisclosed sum.
An announcement by the US firm said the deal “significantly expands Duff & Phelps’ presence in Europe”.
MCR has three UK offices employing 150 people at The Chancery building at Spring Gardens in Manchester, at Newhall St Birmingham and Portman Square in London.
The Manchester office, led by David Whitehouse, has secured many high-profile administrations in the past few years, particularly in the retail sector.
Earlier this month it was appointed as administrator to Manchester-based Davenham Group, but it was also previously appointed as administrators Ethel Austin, Vergo Retail, Borders’ UK business and Malbern Windows.
MCR’s revenues in the year to June 30 were £21m.
The practice was set up ten years ago and has 19 partners who will share in the proceeds of the deal. Six of these are based in Manchester.
Noah Gottdiener, chief executive officer at Duff & Phelps, said: “For more than ten years, MCR has maximised recovery for stakeholders in insolvent businesses by generating innovative solutions to business problems.
“Our new colleagues bring enormous credibility, strong relationships and impressive scale to a key part of the European market where Duff & Phelps has long been pursuing strategic expansion.
“Further, the MCR team will work collaboratively with Duff & Phelps’ existing team in Europe to deliver a more robust offering of technical expertise and sound advice to clients.”
Andrew Stoneman, the London-based managing partner of MCR, said: “All of us at MCR are excited about the prospect of building the business with Duff & Phelps, as this allows us to offer a more dynamic and broader range of services to our clients.
“It’s an exciting time to take advantage of the synergies between our two like-minded organisations, as restructuring advisory services are needed across the United States and Europe.
“Acting together, we are also well-positioned to assist with cross-border situations and to help clients navigate business environments that span multiple industries, geographies and regulatory systems.”