The Ince Group PLC - administration

The Ince Group PLC, a Dagenham-based listed top 50 law firm which dates back 150 years, together with several connected companies, have announced their intention to enter administration and appoint Quantuma as administrators after a major creditor withdrew its support of the firm. The firm ran into financial difficulties during the Covid-19 pandemic, and its shares have been suspended since January due to repeated delays in the publication of its annual report. The firm cited the length of the auditing process as putting increasing pressure on the cash flows of the business, and has been holding discussions with its major lender and other creditors, including HMRC, to establish their level of support. The decision to enter administration was made in order to preserve the future value of the group's business and to protect the interests of employees and other stakeholders. Investec Bank PLC has two registered charges against the firm.