KWM has filed a second notice to appoint administrators and staff are no longer being paid.
Filing the notice gives the beleagured firm ten more working days before it has to enter into administration.
Meanwhile, this morning KWM EUME Managing Partner Tim Bednall sent an email to staff informing them that salaries had been cancelled:
“Barclays, our bankers, indicated to me on Thursday evening that they were not willing to approve the salary payments due to you. I made a proposal to the bank on Friday to counter this, asking that essential payments including salaries be paid. This proposal was rejected on Friday. I made a further proposal to ensure salary payments could be made on Sunday and this, also, was rejected. A final proposal was submitted to the bank last night and, with deepest regret, this too was rejected this morning
Staff were promised before Christmas that they would be paid weekly in January. Now that's not happening. As for continuing to "maintain client service
", as promised when KWM filed its first notice to appoint administrators...good luck. Couriers are refusing to take packages, there's no land registry access and even the bog roll supplier has cut the firm off.
||KWM's canteen, this morning
Apparently there's also been a run on the in-house canteen's freezers
by kitchen staff. Named Stanleys after the legacy firm's founder, the desecration is rather fitting. It's what the partners at the top have been doing for the last 12 months, after all.
Read more on Friday.