Consortium swoops in at 11th-hour to buy Plexus
Parabis resolved its sale of Plexus Law and Greenwoods at the eleventh hour of its discussions. A consortium of individuals led by the group's original founders, Andrew McDougall and Tim Roberts, came to an agreement that led to a dissolution of the talks Parabis was holding with Keoghs.
Talks with Keoghs had been underway since August and a deal was considered imminent. The bid launched by the consortium however proved successful and Keoghs as a result pulled out of the negotiations. Parabis has now entered into exclusivity with the consortium and the sale is expected to be completed by the end of the month.
In the leadup to the sale, Plexus and Greenwoods have seen several partners depart their respective firms. Last week, Greenwoods partners Bilal Mirza and Simon Lindsey departed the firm and it is expected that they will be followed by 30 lawyers from the firm's Southampton office. Plexus saw a team of 13 lawyers from its travel law practice depart the firm earlier this year, including senior partner and practice head Claire Mulligan and partner Justin Collins.
Plexus merged with Greenwoods in 2013 and since that time has downsized through departures, office closings and a redundancy consultation.