A management team has acquired Plexus Law from the Parabis Group, saving 400 jobs in Leeds.
A management buyout team including Parabis Group’s founders, Andrew McDougall , Nick Addyman and Tim Roberts, have acquired insurance defendant claims firm Plexus Law from Parabis Group, supported by £4.2 million of debt finance from OakNorth Bank.
The deal allows the acquirers to take on the firms’ contracts and safeguards the jobs of over 900 employees, including 400 in Leeds, after Parabis Group was revealed to have entered administration. Andrew McDougall becomes CEO of Plexus Law, Nick Addyman becomes Consumer Director, and Tim Roberts becomes Commercial Director.
OakNorth’s loan enabled the buyout and is based on Plexus Law’s predictable cashflow generation.
Andrew McDougall, CEO and co-investor, Plexus Law said: “We had a unique opportunity to acquire Plexus Law, but needed to move fast. After approaching OakNorth, we were impressed with how quickly they got up to speed and gave a funding commitment, which allowed us to proceed with the transaction.”
Rishi Khosla, CEO and co-founder of OakNorth said: “This deal is a great example of how OakNorth is ready to back entrepreneurs.”
Toby Deane, deal team director at OakNorth said: “This transaction has been a great example of our client, their adviser and OakNorth Bank working very well together.”