DWF acquired Cobbetts’ work in progress (WIP) from KPMG in February for £3.8m as details emerge of the Manchester firm’s fire sale.
KPMG was instructed on 17 January to start administration proceedings, although Cobbetts’ lender, Lloyds TSB, had engaged KPMG in September to formulate contingency plans as the firm was beginning to falter. Continued trading was dependent on the support of Lloyds TSB, which was only prepared to provide monies to pay January wages and other outgoings if Cobbetts granted security.
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