A LEADING specialist in business restructuring and insolvency has been bought by a larger group.

Leonard Curtis Business Solutions Group acquired Poole-based Portland, which has been advising businesses in financial distress for more than 20 years.

Southampton-based Leonard Curtis is the largest privately-owned provider of corporate restructuring and insolvency services in the UK. It employs 239 people in 19 offices, including its Southampton site and an offshore operation in Guernsey.

Portland, with offices in Poole and Whiteley in Hampshire, has a management team of four directors – managing director Carl Faulds, Steve Godwin, Mike Fortune and Nicola Layland – as well as nine client managers and a team of three support staff. All will be retained as part of the deal.

Carl Faulds will continue to oversee the client services, supported by the existing directors and staff and the current Leonard Curtis Southampton team.

The company said the move will enable Portland to add more service lines to its recovery capabilities, especially around cashflow support and commercial finance, to support businesses facing financial difficulties and drive recovery growth after Covid.

Mr Faulds said: “This is a great opportunity for us to join a larger group with greater resources, managed by like-minded people with a similar pragmatic culture and approach. It is very good news for us and for businesses in our region.

“Very few firms are willing and able to provide assistance to every size and type of business and by adding Leonard Curtis services to our existing offerings we affirm our position as the total solution provider to businesses in financial distress on the south coast.”

Alex Cadwallader, who heads Leonard Curtis operations across the south of England, said: “The enhanced sector specialisms following this deal will leave us well placed to fully service the needs of all clients in this region, including those in retail, financial services, real estate and construction to name a few. We are looking forward to working alongside Carl and his team.”

David Smithson, director of Leonard Curtis Southampton, said: “Carl and his team have a common approach to solving problems for business - vastly experienced, approachable and friendly. It is good news for the region.”

The purchase is the first since Leonard Curtis attracted investment from family investment office Arete Capital Partners, in partnership with SVELLA Plc.

Daniel Booth, chief executive of Leonard Curtis, said: “This deal will extend our expertise at a time of surging demand for our services both here and across the UK.”