Slater & Gordon, the heavily bankrolled new entrant to the UK legal services market who bought Quindell’s professional services arm in the UK for $1.3bnAUD one year ago, has now lost its newly appointed in-house counsel, Moana Weir, after two months.
The departure comes as Slater & Gordon have until the end of the week to assure its bankers that it has found a way to service its $741mAUD net-debt position. This comes on the back of a $958mAUD 6 month loss reported in February, a 95% decrease in share price over 12 months, a write-down of the Quindell acquisition to almost nothing, and a glut of class-action lawsuits from investors related to bad acquisitions.
If Slater & Gordon are unable to find a way to reassure their financiers, their loans will fall payable within twelve months.
Slater & Gordon's high profile UK acquisitions include: Quindell Legal Services, Claims Direct, Fentons, Goodmans, Pannone, Pickering & Partners, Russell Jones & Walker, Taylor Vintners.
Read more from Jonathan Shapiro at the Sydney Morning Herald