Listed outfit may also restructure operations in Europe and Asia, according to trading update
Ince has said it will “consolidate” its UK legal business and may “restructure” its practices in Europe and Asia as the listed law firm continues to address recent “financial difficulties”.
In a trading update to the London Stock Exchange on Friday, Ince said it will “refocus” its effort on sectors to facilitate “increased utilisation and cross selling” under the guidance of a newly established executive committee.
It also confirmed it plans to “restructure” its European operations to “align more specifically to our core legal business”.
“This may include an accounting deconsolidation of part of our German business following a review of its local regulatory structure, although that business will continue to work closely with the Group as part of our future strategy and in order to maintain a strong presence in that market, and we expect to be able to provide a further update on this in the annual report,” the firm said.
Elsewhere, Ince said it had experienced “difficult” trading conditions in Singapore and that its operations in the country “may also be deconsolidated in the Group’s accounts as a result of having clarified its local regulatory position”.
On a more positive note, the firm’s new head of finance and administration Jill Watt has “already made significant improvements to our outstanding fee collections, which in turn assist our cash position as we make positive inroads into our £11.8m outstanding debtor book in the UK,” it said.
It said “revenues have continued to recover” and that the UK forecast turnover for the retained business “remains on track”.
The trading update comes just weeks after Legal Cheek reported that Ince’s former chief executive Adrian Biles had been removed from his position as a company director with immediate effect, “as a result of circumstances which may give rise to a conflict of interest” between him and the firm.
Ince also revealed last week that Biles and his father John, the firm’s former head of finance and administration, received £15,000 each to settle a series of claims arising from its decision to remove them from their roles.