SSB Law, a Sheffield based firm, filed a notice of its intention to appoint an Administrator earlier this week. In a statement, the directors stated they were looking to put the business into Administration, saying it had suffered 'ongoing financial challenges and has been marketed for sale in order to secure fresh investment'.
The Star, Sheffield’s local paper reported that the business was set to “plunge” into Administration and that 220 members of staff were “in tears” at their pending redundancy. Good to see the local paper living up to their usual stereotypes – at least we should be grateful they didn’t say Bankruptcy or Receivership.
SSB Law was founded in 2007 but expanded significantly when it purchased the business of Pure Group in late 2021, which itself had entered into Administration. SSB acquired approximately 13,500 cavity wall insulation cases and a share of unresolved mortgage mis-selling work in progress. It also specialised in personal injury, medical negligence, data breach, business energy mis-selling and financial mis-selling claims.
In comments at the time of Pure Group purchase, SSB Law chief executive Jeremy Brooke said his firm was "determined to help thousands of people with their unresolved cases". He stated that there were more than 200 "highly experienced" solicitors and paralegals who had already helped people recover compensation since the cavity wall work was started three years previously.
The company’s accounts for the year ended 30 April 2022 show the amounts owed to creditors within one year jumped from £2.46m to more than £48m. The business had taken on £30m of loans in the previous year and increased the amount owed to trade creditors from a five-figure sum to around £15.3m. At the same time, debtors rose from £2.4m to over £46m. No doubt these figures will form part of the Administrator’s investigations.
FRP Advisory said: “Directors of the company are working with the proposed Administrators to facilitate an acceptable outcome for clients and the company is in contact with the Solicitors Regulation Authority to ensure all standards and regulations are met. All clients will be contacted in due course and are not required to take any further action.”