Keoghs' deal to buy Plexus has collapsed at the last moment, with conflicting accounts of which firm dumped the other.
Parabis Group entered into an exclusivity agreement in August to offload Plexus, its defendant personal injury business, to Keoghs. All seemed to be going well when, on 16 October, all Plexus staff were dialled into a conference call in which management told them that discussions were positive and moving ahead. And just this month, they were informed that the acquisition would be completed within days. But over the weekend, said RollOnFriday sources, it all went "pear-shaped".
After news broke that the deal was dead, Parabis announced that it was going to sell Plexus to a group of private individuals instead, led by its Commercial Claims Director, Tim Roberts, and Parabis co-founder Andrew McDougall. McDougall previously sold his 25% stake in the business in 2012 and currently runs an adventure travel company.
A spokeswoman for Keoghs heavily implied that it was the one which walked away from the negotiating table, saying that the firm would only proceed with acquisitions "if they deliver the best possible outcomes". Which is not the story from Parabis. It has said that it rejected Keoghs, which had still not put pen to paper after four months. A Parabis spokeswoman said that, "having considered and assessed both the Founders and Keoghs’ bids" , the board voted for the consortium of insiders.
The consortium's purchase of baffled Plexus staff is expected to complete by the end of November (2015, with luck).
Tip Off ROF
Parabis Group entered into an exclusivity agreement in August to offload Plexus, its defendant personal injury business, to Keoghs. All seemed to be going well when, on 16 October, all Plexus staff were dialled into a conference call in which management told them that discussions were positive and moving ahead. And just this month, they were informed that the acquisition would be completed within days. But over the weekend, said RollOnFriday sources, it all went "pear-shaped".
 |
"Oh yes, they're very keen to sign, they've just nipped to the loo" |
After news broke that the deal was dead, Parabis announced that it was going to sell Plexus to a group of private individuals instead, led by its Commercial Claims Director, Tim Roberts, and Parabis co-founder Andrew McDougall. McDougall previously sold his 25% stake in the business in 2012 and currently runs an adventure travel company.
A spokeswoman for Keoghs heavily implied that it was the one which walked away from the negotiating table, saying that the firm would only proceed with acquisitions "if they deliver the best possible outcomes". Which is not the story from Parabis. It has said that it rejected Keoghs, which had still not put pen to paper after four months. A Parabis spokeswoman said that, "having considered and assessed both the Founders and Keoghs’ bids" , the board voted for the consortium of insiders.
The consortium's purchase of baffled Plexus staff is expected to complete by the end of November (2015, with luck).
Comments
93
94
25/08/2015 18:41: This will never happen. I say this with confidence as I work at Plexus. All of the Partners will leave rather than work for Keoghs. I asked my boss and this was made clear to me. Trufax". Seems someone was right all along......
79
95
They didn't know there was another game in town until the 11th hour.
Still, what else can they say ...?
I wonder if Horwich Farrelly knew via the partners who went there?
89
101
100
93
What was Keoghs' thinking behind looking to purchase Plexus? To have the worst brand in the insurance market?
90
82
91
92