Axiom Ince, the combined legal firm of Axiom DWFM and Ince & Co, has announced a deal to buy out UK-based insurance-focused defence law company Plexus from its administration.
With a presence across the UK, Plexus consists of Plexus Legal in England and Plexus North in Scotland.
Plexus primarily deals with the handling and litigation of different insurance claims.
Regulated by the Solicitors Regulation Authority (SRA), Plexus Legal currently has six offices across England.
Plexus North has one office in Edinburgh and operates under the regulation of the Law Society of Scotland (LSS).
The new deal has saved the jobs of 540 employees, who will join Axiom Ince, which currently has a workforce of 359 lawyers and 442 other staff.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
As part of the deal, James Clark and Rick Harrison from Interpath Advisory have been appointed joint administrators of Plexus Legal and Plexus Law.
James Clark and Blair Nimmo of Interpath Advisory have been named as joint administrators of Plexus North.
The financial terms of the deal were not disclosed.
Axiom Ince Global CEO Pragnesh Modhwadia said: “This acquisition cements our commitment to further growth whilst safeguarding jobs and looking after client interests in increasingly turbulent financial and legal markets.
“We look forward to welcoming our new Plexus colleagues and working closely with them.”
Last month, Ince & Co revealed its plan to expand across the UK and beyond under the Axiom Ince portfolio by making new investments in its core insurance sectors and others.