Leeds-based Plexus Law, which employs 700 staff, looks to raise funds from new investor

A spokesman for Plexus Law said: “In these circumstances, we are now looking to raise fresh funds for the firm from a new investor. This may involve a sale or merger of part or all of the business with another firm."

By Greg Wright

Published 7th Jun 2023, 13:49 BST

The Leeds-headquartered firm, which also has offices in Manchester, Liverpool, London, Evesham, Chelmsford and Edinburgh, has been backed by Access Capital and Origin Equity since 2019.

A spokesman said: “Plexus was successful in securing additional funding from its investors in March 2023.

"This funding was needed due to the ongoing impact of serious financial irregularities discovered by management after Plexus was acquired in 2019.

"The terms of the new investment were subject to a number of conditions. Unfortunately, after a period of negotiation, we have been unable to broker the necessary agreements to meet all of those conditions. As a result, investor support has been withdrawn.

"Up until this point, the business’ underlying trading has been running in line with its forecast.

“In these circumstances, we are now looking to raise fresh funds for the firm from a new investor. This may involve a sale or merger of part or all of the business with another firm. We are incredibly grateful to our dedicated employees who continue to work tirelessly to achieve the very best outcomes for clients.”

The spokesman said Plexus was committed to ensuring high standards were upheld throughout this process.