Published: November 21, 2021 | Updated: November 22, 2021
“Very good news” says boss as restructuring specialist is acquired by fast-growing company
A high-profile restructuring specialist providing practical solutions to all sizes of businesses facing financial distress is under new ownership.
Portland, which employs 16 people and has its Dorset office at Discovery Court in Wallisdown Road, Poole, has been acquired by Leonard Curtis Business Solutions Group for an undisclosed sum.
Leonard Curtis employs 239 people across 19 UK offices, including an existing base of its own in Southampton and an offshore operation in Guernsey.
It is the largest privately-owned provider of corporate restructuring and insolvency services in the UK.
Portland has a management team of four directors, including Managing Director Carl Faulds, Steve Godwin, Mike Fortune and Nicola Layland, nine client managers and a team of three support staff.
All will be retained as part of the deal.
The firm, which has been helping businesses for more than 20 years, also has offices in Hampshire (Whiteley) and London.
Carl Faulds will continue to oversee the business-wide delivery of client services in the region, supported by the existing directors and staff and the current Leonard Curtis Southampton team.
The move will enable Portland to add more service lines to its existing recovery capabilities, especially around cashflow support and commercial finance, to support businesses facing financial difficulties and drive recovery growth post-Covid.
Fast-growing Leonard Curtis says the acquisition will add “significant weight” to its South Coast footprint with “a recognised and trusted team of experts”.
It says the deal will underpin the firm’s commitment to supporting local office networks “where strong referrer relationships help solve problems at all stages of a business lifecycle.”
Carl said: “This is a great opportunity for us to join a larger group with greater resources, managed by like-minded people with a similar pragmatic culture and approach.
“It is very good news for us and for businesses in our region.
“Very few firms are willing and able to provide assistance to every size and type of business.
“By adding Leonard Curtis services to our existing offerings we affirm our position as the total solution provider to businesses in financial distress on the South Coast.”
Alex Cadwallader, who heads up Leonard Curtis operations across the South of England said: “The enhanced sector specialisms following this deal will leave us well placed to fully service the needs of all clients in this region, including those in retail, financial services, real estate and construction to name a few.
“We are looking forward to working alongside Carl and his team.”
David Smithson, a Director from Leonard Curtis Southampton, added: “Carl and his team have a common approach to solving problems for business – vastly experienced, approachable and friendly.
“It is good news for the region.”
The purchase is the first since Manchester-based Leonard Curtis attracted £15m investment from family investment office Arete Capital Partners in partnership with SVELLA Plc just three months ago.
It valued the company at £40m.
Daniel Booth, CEO of Leonard Curtis, said: “This deal will extend our expertise at a time of surging demand for our services both here and across the UK.”